Celebrating Tax Reform on Tax Day

Floor Speech

BREAK IN TRANSCRIPT

Mr. THOMPSON of Pennsylvania. Mr. Speaker, today is tax day. Typically, Americans dread this day--the deadline for filing Federal income tax returns--thanks to a cumbersome, complex, and confusing Tax Code.

But fear not. Thanks to the Tax Cuts and Jobs Act, this is the last time Americans will file under the old system.

Next year, taxpayers will be able to keep more of their hard-earned dollars. Approximately two-thirds of all households will see a lower marginal income tax rate in 2018, according to a recent analysis by the Tax Policy Center.

Thanks to the Tax Cuts and Jobs Act, American families can look forward to lower individual tax rates; a nearly double standard deduction, from $6,500 to $12,000 for individuals, and from $13,000 to $24,000 for married couples; and a doubled child tax credit increase from $1,000 to $2,000 per child.

Mr. Speaker, these are just some of the benefits. The average American should be able to file their taxes without an army of accountants. I look forward to next year when the majority of American families will see a much easier tax process.

It is pro-growth, pro-family tax reform; fair and simple.

BREAK IN TRANSCRIPT

Source