The Tax Cuts and Jobs Bill is on the way to the President's Desk to be signed into law. According to the non-partisan Tax Foundation, the final version of the Tax Cuts and Jobs Act will result in a 1.7 percent increase in GDP, 1.5 percent higher wages, and an additional 339,000 full-time jobs. The Tax Foundation also predicts that the increased economic activity, increased salaries, and increased jobs will result in an additional $600 billion in tax revenues, substantially reducing the cost of the plan. Below are some statements from the House of Representatives:
Mark Amodei (R-NV, 2nd)
“Much to my surprise, the conferencing process with the Senate resulted in the overall improvement of this bill in several areas. Based on the average incomes in CD-2, and the percentage of taxpayers currently taking the standard deduction versus those who itemize, all of the data I have evaluated on both sides of this argument leads me to believe this bill will result in widespread tax relief for Nevadans. These improvements will not only put more money back into the pockets of Nevada taxpayers, but they will also simplify the filing process while giving our nation’s job creators significant potential for reinvestment and growth.
“Finally, for the newborn deficit hawks, you either believe that more money circulating in the private sector increases tax collections – or you don’t. Based on my research, and the history lessons we’ve learned from the Kennedy and Reagan Administrations, I believe it. While only time will tell, I’ve never been a fan of anyone’s predictions regarding the state of our economy a decade from now.”
Robert Aderholt (R-AL, 4th)
“This afternoon, I voted in the House of Representatives, to give back more money to Alabama taxpayers. Far too many of the people in Washington believe that the government should have a right to a high percentage of everything you earn. Those people are wrong. It is your money, and you should be able to keep even more of it.
“This tax bill does the right thing. It doubles the child tax credit. It doubles the personal tax exemption. It keeps medical deductions and mortgage deductions, and more than 80% of the people in the 4th District of Alabama will receive a tax cut.
“This is also a jobs bill. By lowering the corporate tax rate, businesses are no longer rewarded for moving their businesses and jobs overseas where tax rates are cheaper. Our cumbersome, 20th Century tax code desperately needed updating. This bill achieves that goal.”
Pete Aguilar (D-CA, 31st)
“Instead of providing tax relief to middle-class families and small businesses like the ones here in the Inland Empire, this bill is specifically designed to give massive tax breaks to the wealthiest corporations and individuals in our country. In addition to adding a trillion dollars to the deficit, this bill will drive up health care costs and raise taxes for millions of working Americans. Tax reform should be about creating a level playing field where every American has a chance to find success, not lining the pockets of wealthy corporations on the backs of working people.”
Rick Allen (R-GA, 12th)
“I am encouraged by our current economic growth under President Trump and I am hopeful that with the passage of this historic legislation we will continue to see America’s economic potential unleashed. Thankfully, the Tax Cuts and Jobs Act is on its way to President Trump’s desk, ready to be signed into law – a true Christmas miracle!”
Alma Adams (D-NC, 12th)
“I don’t ever want to hear a Republican complain about the deficit or spending again. They just voted to pass a wildly irresponsible tax scam that adds trillions to the deficit, increases health insurance premiums, and raises taxes on 86 million middle class families in order to give a kickback to corporations and the wealthy. Next, they’ll cut essential programs like Medicare, Medicaid, and Social Security to pay for it,” said Congresswoman Adams. “American families will remember who sold them out to help their wealthy donors and corporate special interests.”
Rod Blum (R-IA, 1st)
“I am very confident that increased economic activity will pay for this $1.5 trillion tax cut. Just as they did in the sixties and again in the eighties after the Kennedy and Reagan tax cuts - revenues to the federal government will increase.”
Earl Blumenauer (D-OR, 3rd)
“This bill represents the largest transfer of wealth in our nation’s history—financed by mortgaging our children’s future with a mountain of increased debt. It is not tax reform. It’s not even a policy. Rather, it is a collection of special interest provisions, disguised behind a set of false promises.
“This legislation fails utterly to invest in the American people—it’s no wonder the public is opposed. They are right, and the Republicans are wrong.”
??? All of the public I have talked to have been totally FOR the bill.
Lisa Blunt Rochester (D-Delaware at large)
“The American people were promised a tax reform plan that would simplify our tax system, promote economic growth, and keep our nation’s deficit under control. Unfortunately, that’s not what the Ryan-McConnell tax plan does,” said Congresswoman Blunt Rochester. “Instead, this bill makes the tax code more complex with carve-outs and loopholes for Washington special interests and forces the middle-class to pay for tax cuts for the wealthy and large corporations, while mortgaging our nation’s fiscal future by adding $1.5 trillion to the deficit. I voted against this bill because it’s a bad deal for Delaware and the American people.”
“When you take a closer look at the Ryan-McConnell plan, it also has stark consequences for health care in our country. Their plan increases the number of uninsured Americans by 13 million and would cut Medicare by $25 billion to pay for a tax cut for the wealthiest among us. Republicans chose to negotiate behind closed doors, without input from the American people, and they produced a flawed product that jeopardizes people’s health care, raises middle class taxes in the long-term, and fails to create an environment for small businesses to grow and thrive.”
Sanford D. Bishop, Jr (D-GA, 2nd)
“I have stated numerous times that I do support tax relief for Georgia families. However, it needs to be fair, balanced, and fiscally responsible both in the short and the long term. The benefits must be shared among Georgians of all income levels rather than just concentrated at the top. The tax legislation approved by the U.S. House of Representatives today fails this test.
“As an institution, we in Congress are at a moment of truth. The time is now to put our political differences aside, and to find common ground on a rational tax package that is fiscally responsible, grows the economy, creates jobs, and improves the lives of all Americans.”
Joyce Beatty (D-OH, 3rd)
“I support tax reform that helps Americans most in need: the middle-class, seniors, veterans, students, small business owners and hardworking families. Unfortunately, Congressional Republicans and Donald Trump’s hastily written, haphazard plan does the exact opposite—giving a totally unnecessary, budget-busting tax cut to the super-wealthy and well-connected at the expense of ordinary Americans. Adding insult to injury, the bill’s $1.4 trillion price tag will be paid for by future cuts to Medicare, Medicaid, Social Security, and other vital programs that help our most vulnerable Americans. This bill is nothing more than a trumped-up, trickle-down scheme that overwhelmingly benefits the fortunate few—people like Donald Trump and his cronies—and scams the rest of us.”
Jack Bergman (R-MI, 1st)
"I have been an advocate of pro-growth tax reform long before I announced my candidacy for Congress. The people who work so hard to provide a living and a future for their families in Michigan deserve to keep the money they’ve earned. The Tax Cuts and Jobs Act will provide real reform to our burdensome tax code and help stimulate the economy. These reforms allow small-businesses and hard-working Americans to keep more of their money. In Michigan’s First District, we understand and appreciate the value of every dollar we earn. By February of 2018, constituents in the First District will begin to see more money in their paychecks. This is a once-in-a-generation opportunity, and as your Representative in Congress, I’m proud to deliver on the promises I’ve made to you.”
Jaime Hierrera Beutler (R-WA, 3rd)
“The bill we passed today improves on the earlier version I voted for in several measurable ways for folks in all phases of life – from those preparing to begin their careers, to those in retirement. It protects virtually every middle-class homeowner by raising the mortgage interest deduction to $750,000, it expands vital relief for those families with high medical expenses, it doubles the child tax credit, and reinstates protection for all state and local taxes up to $10,000. I’m pleased that graduate students preparing to enter the workforce will have reduced tuition exempted from taxes – another improvement from our earlier bill. For those planning for retirement, popular savings accounts such as IRA’s and 401(k)s are preserved, and relief from the death tax that inhibits passing small family businesses and farms to the next generation is doubled. For the 75 percent of Southwest Washington taxpayers who use standard deduction, they will now see nearly double the amount of their money protected from taxes, and even more taxpayers will now be able to take advantage of the standard deduction.
“Importantly, this bill will boost the economy in a manner that will provide tangible benefits to hardworking folks from Bucoda to Vancouver, from bigger paychecks to more job opportunities. We read about the ‘recovery’ from the great recession that may be benefitting Wall Street, but hasn’t boosted workers’ take-home pay or helped enough of the families continuing to live paycheck to paycheck. The critics of this tax cut plan seem to concede that our present ‘recovery’ is good enough, but I don’t accept that. Today I am taking action to jumpstart the real economic recovery that will help residents of Southwest Washington earn more money and live a more economically secure life.”
Andy Barr (R-KY, 6th)
“When the President signs the Tax Cuts and Jobs Act it will be a great early Christmas present for the American people – especially hardworking middle income families who haven’t had a pay raise in a decade and who need relief the most,” said Congressman Barr. “Beginning in 2018, workers will be able to keep more of their paycheck, business investment and job creation will boom, and salaries will rise. Importantly, we were able to secure important wins in the final version of the bill based on feedback from Kentuckians to protect Berea College, spur investment in the horse industry, make our signature bourbon industry more competitive, encourage more international investment in the Commonwealth, and help Kentuckians pay off their student loans and medical expenses.”
“After nearly a decade of sluggish economic growth, lost opportunities, and low confidence, America is making a comeback. This historic legislation will make American businesses more globally competitive and help put our nation back on the right track.”
Nanette Barragan (D-CA, 44th)
“While the GOP and their wealthy donors celebrate this massive tax scam, it’s devastating effects will be felt by students, teachers, seniors, workers, homeowners, and basically anyone who is not in the top one percent of earners.”
Why is it not surprising that Democrats hate the bill while Republicans love it?
Brian Babin (R-TX, 36th)
“We are now on the verge of delivering a historic and much-deserved win for the American people right before Christmas,” said Rep. Babin. “By cutting taxes for all Americans, eliminating special interest loopholes, doubling the child tax credit and lowering the tax burden on businesses, our bill will increase paychecks, create more jobs and make the tax code simpler and fairer for hardworking Middle-Class Americans.
“My priority is to make sure our tax code works for the average American taxpayer. Under the current system, it is the well-connected who have benefited. Our bill eliminates special interest carve outs for lawyers and lobbyists and returns taxpayer money to its rightful owners: hardworking Americans, job creators and savers.
“The bottom line is that our bill reduces taxes for all Americans and saves the average American family between $1,000 and 2,000 a year. For American workers, this tax reform bill creates more jobs right here in the U.S. by lowering the tax burden on small and large businesses. Currently, U.S. businesses pay the highest tax rate of any industrialized country at 35%.
“Our bill finally overhauls our broken tax code and puts the American taxpayer first while igniting the American economy and building on the already remarkable economic growth we have seen under the Trump Administration. This is truly an exciting and historic moment for the American people.”
Don Bacon (R-NE, 2nd)
“The Tax Cuts and Jobs Act will give the typical family of four earning the median income of $73,000 a tax cut of $2,059,” said Rep. Bacon. “Families also will benefit from the expanded Child Tax Credit for those making under $400,000.”
In addition, Nebraska families with existing home mortgages will still be able to deduct their current mortgage interest deduction. Homeowners with new mortgages on a first or second home will be able to deduct mortgage interest on the first $750,000 of principal.
This legislation will also maintain the Adoption and Child and Dependent Care Tax Credits; the tax exemption for the value of reduced tuition for graduate students; the exemption allowing teachers to deduct the out of pocket cost of classroom supplies; and popular retirements savings options such as 401(k)s and Individual Retirement Accounts (IRAs).
“People in the Second District voiced their support for the larger standard deduction and simplification of the tax code, but expressed the need to keep mortgage interest and other deductions,” added Rep. Bacon. “This will help Nebraskans grow their families, further their education and keep more of their hard-earned paychecks.”
In addition, the individual mandate tax penalty has been eliminated to allow families the flexibility to buy a health care plan that’s right for them.
“We have Nebraskans who are paying upwards of $30,000 a year in premiums, and yet they are still not receiving health care because of their high deductibles,” added Rep. Bacon.” Nebraska families simply cannot afford these high costs and not receive the care they need.”
Jim Banks (R-IN, 3rd)
“Today is a good day for the future of the American dream. By passing this legislation, Congress has delivered on its promise to deliver sweeping tax reform to the American people for the first time since 1986. The Tax Cuts and Jobs Act will provide middle-class tax relief while promoting investment, job creation and sustained economic growth. It will lead to bigger paychecks for workers across our country and restore America’s global competitiveness. I commend Speaker Paul Ryan, Ways and Means Chairman Kevin Brady and members of the Conference Committee for their hard work that made this day possible. I look forward to swift passage in the Senate and President Trump signing this historic legislation into law.”
Lou Barletta (R-PA, 11th)
“Today Congress gave millions of American families a renewed and revitalized shot at prosperity,” Barletta said. “For a generation, Americans have seen good paying jobs leave our shores and their wages stagnate, while the government continued to take more and more money out of their paychecks. Washington forgot the American family and worker. Instead of fighting for Americans, Washington has been fighting to fill the coffers of faceless, nameless bureaucrats. Today, we made clear to Washington the old way of doing business is over. This is a new era of American prosperity. The plan will bring higher wages, create more employment opportunities, and deliver a tax cut to every income group. This tax plan is a much needed Christmas gift every American family. I am very excited to have been part of such a historic event.”
