Rep. Smith: Americans Win With Tax Cuts and Jobs Act
WASHINGTON – Today Congressman Lamar Smith (TX-21) voted in support of the final Tax Cuts and Jobs Act, which raises take-home pay and creates jobs. The bill passed 227-203.
Rep. Smith: “Today we kept our promise to the American people by passing pro-family, pro-growth tax reform for working Americans. The Tax Cuts and Jobs Act is the biggest update to the tax code in more than 30 years. The bill creates jobs, reduces taxes and gives bigger paychecks to families.
“This bill increases the child tax credit from $1000 to $2000 to provide more support for Texans to take care of their children. Over 45,000 taxpayers in the 21st district will benefit from the child credit increase. The standard deductions for both single and married filers are also doubled. The typical family making the median income of $73,000 will receive a tax cut of more than $2000. That’s $2,000 more of their earned income that they can use as they choose, and that’s not going to the government’s coffers.
“The tax rates for small and family-owned businesses and corporations are reduced. This encourages companies to bring their foreign profits and jobs back to the U.S. for American workers.
“The Tax Cuts and Jobs Act also eliminates Obamacare’s individual mandate penalty tax, providing families the flexibility to make their own health care choices.”