House Passes Historic Tax Reform Legislation

Statement

The U.S. House of Representatives passed historic tax reform legislation today. The Tax Cuts and Jobs Act, sponsored by House Ways and Means Committee Chairman Kevin Brady (R-TX), represents the first major tax reform legislation in more than 30 years. Congressman Rick W. Allen (R-GA-12) released the following statement after House passage of the Tax Cuts and Jobs Act:

"As a businessman for 40 years, I never dreamed that I would have the opportunity to cast a vote to cut, simplify, and reform taxes for middle class families and small businesses. Today, I proudly voted to do just that. Our growing economy is proof that rolling back regulations and reducing the size and scope of our government works. Under the Trump Administration we are getting our economy back on track, but nothing can compare to the effect that tax reform will have on jumpstarting the economy, expanding small businesses and creating jobs.

"Our current tax system is broken, taxes are too high, and our families and businesses are the ones paying the price. The hardworking people of Georgia-12 and across America deserve to keep more of their paychecks and have the opportunity to grow their businesses. Today we took the next step in making tax reform a reality by passing the Tax Cuts and Jobs Act, and I was honored to cast my vote for historic legislation that will protect the American dream for hardworking families and remove the tax burdens strangling our economy. I am proud of the work the House has done and am hopeful that my Senate colleagues will join us to get tax reform on President Trump's desk soon."

Key Components of the Tax Cut and Jobs Act:

Lowers rates for individuals and families
Preserves retirement savings options, such as 401(k)s and Individual Retirement Accounts, as Americans know them today
Creates a new lower tax rate and structure for small businesses
Increases the standard deduction
Increases the child tax credit
Preserves the Adoption Tax Credit
Preserves and extends the Nuclear Production Tax Credit, which is critical to the construction of the two new nuclear reactors at Plant Vogtle
Preserves the deduction for charitable contributions
Protects the home mortgage interest deduction
Lowers the corporate tax rate to create jobs and promote competitiveness
Allows individuals to write off the cost of state and local property taxes up to $10,000
Streamlines higher education benefits
Allows "expensing" of capital investments to boost the economy
Provides immediate relief from the Death Tax by doubling the exemption and repealing the Death Tax after six years
Repeals the Alternative Minimum Tax
Eliminates loopholes for the wealthy, protects bedrock provisions for the middle class

Source