WASHINGTON (WLUC) – Following House passage of the Tax Cuts and Jobs Act, Congressman Jack Bergman released the following statement:
“Today, for the first time in 30 years, the U.S. House of Representatives voted to reform the tax code and provide much needed relief for working families and small businesses. The Tax Cuts and Jobs Act will help working families in the First District by doubling the standard deduction and simplifying our very complicated tax code. These historic tax cuts will create jobs in the United States and produce a climate or companies to do business in the United States. This is a once in a generation opportunity for Congress to transform the overburdensome tax code.”
The Tax Cuts and Jobs Act provides relief for hard-working families by:
• Lowering individual tax rates;
• Expanding the Child Tax Credit;
• Preserving the Adoption Tax Credit;
• Preserving the home mortgage interest deduction;
• Preserving the deduction for charitable contributions; and
• Allowing individuals to write off state and local taxes up to $10,000.
Additionally, the Tax Cuts and Jobs Act provides relief for businesses by:
• Allowing businesses to write off full expense costs for equipment;
• Reducing the top tax rate for small businesses to no more than 25%;
• Lowering the corporate tax rate to 20%; and
• Providing a new tax rate of 9% for the first $75,000 of income earned by an active owner in a pass-through business of any type.