Hartzler Praises House Passage of Historic Tax Reform
WASHINGTON, D.C. – Congresswoman Vicky Hartzler (MO-04) today praised the House’s passage of H.R. 1, the Tax Cuts & Jobs Act.
“Today we voted to give American families a great Christmas present,” Hartzler said. “After the Senate votes on this historic tax reform, it will go to the President before Christmas, and families will see relief as soon as February. For too long, families have just ‘gotten by’ instead of ‘getting ahead’— this bill will change that by bringing jobs back to our country and increasing paychecks by growing the American economy. Main street businesses will be taxed at 21%, the lowest rate in years, which will allow them to hire more employees and pay them higher wages. Our bill will also lower tax rates for every income level and double the standard deduction."
The tax bill is especially important to Missouri families. It increases the child tax credit from $1,000 to $2,000 and lowers tax rates for every income level in America. It also doubles the standard deduction, which 71% of Missourians use. The Tax Cuts & Jobs Act would also undo Obamacare’s individual mandate, which caused Missourians to pay $50 million in fines in 2015.
“It’s important to give Missourians not only relief from high taxes,” noted Hartzler, “but also relief from government mandates that require them to buy health insurance they do not want nor can afford.”
Congresswoman Hartzler also successfully worked to ensure graduate student tuition waivers would not be taxed in the final bill and that the adoption tax credit would be maintained.
The Tax Cuts & Jobs Act will:
- lower tax rates for every income level;
- double the standard deduction;
- double the child tax credit;
- repeal Obamacare's individual mandate;
- make American businesses competitive again by lowering the corporate tax rate to 21%;
- maintain a modified mortgage interest deduction;
- maintain medical expense deductions;
- give tax credits to companies that provide paid family or medical leave;
- preserve current graduate student tuition waivers and student loan deductions; and
- maintain the adoption tax credit.
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