TAX RELIEF FOR FLORIDA FAMILIES

House GOP Passes Conference Report for Tax Cuts and Jobs Act

Washington, D.C. – Today, House Republicans overwhelmingly voted to pass the Tax Cuts and Jobs Act, a historic and sweeping tax cut bill that will bring tax relief to all Americans

“America isn’t broken, Washington is,” said Congressman Daniel Webster (R-Clermont).  “Today, I voted to end the era of Washington’s broken tax code punishing taxpayers. This bill allows Americans to keep more money in their pockets, ends lobbyist loopholes and special-interest exemptions, and makes everyone play by the same rules.”

The Tax Cuts and Jobs Act helps taxpayers keep more of their hard-earned money by doubling the standard deduction to $12,000 for single filers and $24,000 for married couples, increasing the child tax credit to $2000, preserving the mortgage interest deduction, and expanding the medical expense deduction and the savings vehicles for education.

Rep. Webster further noted, “More than 80% of filers in Florida’s congressional district 11 claim the standard deduction each year, thus the vast majority of my constituents will keep twice as much money without doing anything different. Combined with lower tax rates for income above the newly raised standard deduction, Florida’s 11th district stands to be among the biggest winners in the nation.”

The bill recognizes and celebrates the economic engine that is our small business community by slashing their tax rate to 21%, down from the current rate of 35%.  Also gone are the long, tedious depreciation schedules that create accounting nightmares and dissuade from making capital investments. This means more money in the pockets of small business owners who provide jobs and salaries for so many of our neighbors, friends and family.

Currently, the corporate tax rate penalizes American companies.  By aligning the rate with foreign competitors, we ensure American success; no one can beat American workers or ingenuity when competing on a level playing field.  

For more information on the Conference Report for the Tax Cuts and Jobs Act visit: www.fairandsimple.gop.

 

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