We promised you a fairer and simpler way of filing your taxes. A far less complex system that lowers taxes for the middle-class and helps families nationwide. A system where small business owners are no longer penalized by high rates for trying to grow their companies. And a system that values you, your time and your money. For the first time in 31 years, the House of Representatives passed a bill on Thursday to make all of that possible.
When we advanced the Tax Cuts and Jobs Act out of the Ways and Means Committee last week, we knew that it was a significant step toward jumpstarting the economy and providing much needed relief to taxpayers. While there are a few more steps before it goes to President Trump’s desk, I am confident that this will be a win for American taxpayers our reform will create nearly 20,000 additional jobs in Tennessee and will give families an additional $2,250 after-tax income.
According to the U.S. Chamber of Commerce, the “Tax Cuts and Jobs Act is a growth bill achieving faster economic growth, encouraging job creation, and getting more money in Americans’ pockets each year.” In our district, the Chamber estimates that due to the doubling of the standard deduction and other simplifications provided by our bill, 62,123 taxpayers will have far simpler returns. They also estimate that the 56,720 taxpayers with small business income will see a reduced rate since the bill not only implements lower taxes on the first $75,000 of net business income, it lowers taxes on small business investments from a rate of 40% to 25%.
Nationally, a family of four earning a median income of $60,000 will see nearly $1,182 after taxes. That means more money can be saved for retirement, college and your future. Our goal is to make it possible for generations to come to breathe a little bit easier. This looks different for each one of us, but at the end of the day, we know that the government takes far too much of your tax dollars and we want to make sure that money remains where it belongs.
We promised more of your paycheck in your pocket. And we delivered.
Member of Congress