Dunn: Tax Cuts Will Supercharge Our Economy
Nov 16 2017
WASHINGTON, DC – Congressman Neal Dunn (FL-02) praised the tax reform legislation passed by the House today, the Tax Cuts and Jobs Act. The legislation cuts taxes for individuals, families, and businesses, which in turn will strengthen the economy and create more jobs.
“This legislation cuts taxes and will boost our economy,” Dr. Dunn said. “It helps hardworking Americans keep more money in their paycheck, because they know how to spend it better than Washington. It levels the playing field for American workers so we can grow jobs here. It ends special interest carve outs, simplifies the code, and reins in the IRS. It’s a good start, and I am eager to move this critical national priority forward.”
In addition to lowering tax rates, the bill doubles the standard deduction, increases the child tax credit, and adds a new family credit to help all taxpayers with their everyday expenses. An average family of four making $55,000 will save more than $1,000 in taxes. A single mother making $30,000 would receive a tax refund of $1,000 – that’s $700 more than she does today. For those who itemize, deductions for mortgage interest, charitable contributions, and local property taxes are preserved, as is the adoption tax credit.
Claims that the bill raises taxes on low- and middle-income Americans are “false,” according to The Washington Post.
“In their haste to condemn the GOP tax plan,” The Washington Post’s fact-checker said on November 2, “Democrats have spread far and wide the false claim that families making less than $86,100 on average will face a hefty tax hike. Actually, it’s the opposite. Most families in that income range would get a tax cut.”
The bill includes reforms to jump-start our economy and create good-paying jobs. It cuts taxes for Main Street small businesses, and makes reforms to help America compete and win in a global economy.
The Senate plans to vote on its tax bill after Thanksgiving, and then the two chambers can negotiate a final version to approve for the President’s signature.