WASHINGTON – Congressman Robert Pittenger (NC-09) issued this statement after being briefed on the House Republican “Tax Cuts and Jobs Act”:
“Hardworking Americans desperately need relief. Today we rolled out a massive tax cut bill that provides just that. Our legislation, the “Tax Cuts and Jobs Act,” lets families and individuals keep more of their paychecks by doubling the standard deduction and lowering the individual tax rates. By allowing businesses to keep and reinvest more of their profits, our legislation will create jobs and grow paychecks. This transformational tax policy will lift our economy out of neutral and deliver hardworking Americans the opportunity and tax relief they deserve.”
Highlights of the “Tax Cuts and Jobs Act”:
Individuals and Families
· Lowers individual tax rates for low- and middle-income Americans.
· Nearly doubles the standard deduction.
· Expands the Child Tax Credit from $1,000 to $1,600.
· Continues the deduction for charitable contributions.
· Preserves the home mortgage interest deduction for existing mortgages. Keeps the deduction for newly purchased homes up to $500,00.
· Continues write off for the cost of state and local property taxes up to $10,000.
· Does not touch 401(K)s and Individual Retirement Accounts.
· Repeals the Alternative Minimum Tax.
· Eliminates the Death Tax after six years.
· Eliminates special interest deductions and loopholes.
Businesses of All Sizes
· Lowers the corporate tax rate from 35% to 20%.
· Reduces the small businesses tax rate to no more than 25%.
· Retains the low-income housing tax credit.
· Preserves the Research and Development Tax Credit.
· Strengthens accountability rules for tax-exempt organizations.
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