House Passes Once-in-a-Generation Tax Reform Legislation to Deliver Tax Relief, Grow the Economy

With the Tax Cuts and Jobs Act, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059.
December 19, 2017 — Press Releases   

WASHINGTON, D.C. – Today, the House took historic action to pass the House-Senate conference committee report for the Tax Cuts and Jobs Act (H.R. 1) – approving the final legislative text to overhaul the nation’s tax code for the first time in 31 years. With this bill, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059.

CLICK HERE to watch Chairman Brady’s closing statement, and CLICK HERE to read the full statement.

Upon final passage of the legislation, House Ways and Means Committee Chairman Kevin Brady (R-TX), who chaired the conference committee and filed the conference report last week, issued the following statement:

“Today, the House took action on once-in-a-generation legislation that will dramatically improve the lives of hardworking people in Texas and across the country. We rejected today’s broken tax code that has hurt families, businesses, and our economy in favor of transformational tax reform that will create more jobs, increase paychecks, and make the tax code simpler and fairer for Americans of all walks of life. This is truly a historic moment.

“I’m proud of all the lawmakers who stood up for the American people and against the status quo. After years of work to develop this legislation, families will soon be able to keep more of the money they earn. Entrepreneurs will be able to turn that next new idea into a business, create more jobs, and invest in their communities. Businesses will bring American jobs and headquarters back home. And with a stronger economy, workers will have even more opportunities to get ahead.

“This legislation also repeals the harmful effects of Obamacare’s unpopular and ineffective individual mandate – delivering on another promise to provide families with the freedom to buy health care plan that’s right for them. This is a major step forward as we continue working toward a patient-centered health care system.

“The Senate will have the opportunity to act – just as the House did this afternoon – and soon Congress will send this legislation to President Trump to be signed into law. These are the last days of America’s uncompetitive, overly complex, and outdated tax code. In the new year, Americans will have a new tax code that truly works for them.”

 Tax Policy Subcommittee Chairman Peter Roskam (R-IL) added:

“We are choosing to embrace the economics of opportunity. Success in this country is not a zero-sum game; one doesn’t succeed at the expense of another. This tax bill incentivizes success at all levels by allowing hardworking taxpayers to keep more of what they earn and spurring job growth here in the U.S. Maintaining a status quo that has hurt and punished lower- and middle-income families and driven businesses away is not an option – this is what critics are proposing to do. What we are doing is allowing hardworking taxpayers to keep more of their own money.”

CLICK HERE to watch Chairman Brady’s opening remarks in support of the legislation on the House floor.

CLICK HERE or the image above to watch Chairman Brady’s closing remarks in support of the legislation on the House floor.

CLICK HERE to read the full legislative text of the Tax Cuts and Jobs Act.

CLICK HERE or the image below to read the policy highlights in the Tax Cuts and Jobs Act.

CLICK HERE to read the Joint Committee on Taxation revenue table.