By Sen. Richard Burr
The House and Senate both took huge steps forward in a years-long effort to reform our nation’s tax code this week. The House passed their version of the Tax Cuts and Jobs Act on Thursday, and just last night, the Senate Finance Committee passed our bill. This is a historic opportunity for North Carolina and the country as a whole, and I’m very pleased to see our progress to this point.
Watch Senator Richard Burr as he addresses the Finance Committee regarding Tax Reform, here.
Under this legislation, it is estimated nearly 26,000 new jobs will be created In North Carolina alone, and the average middle-income family will see their tax bill reduced by $2,400 per year. I mentioned last week the doubling of the child tax credit and the standard deduction. You should also know I was very proud to have two amendments included in the Senate Finance Committee’s final package. These provisions include improvements to the ABLE Act by allowing rollovers from 529 college savings plans and allowing disabled individuals who work to save a portion of their income in an ABLE account without risking the loss of benefits. I also fought to preserve the mortgage interest deduction, as well as the child and dependent care credit and dependent care FSAs. These are crucial provisions to one of the most important pieces of legislation I’ve worked on in my time in Congress.
Long story short, Americans need a break from the crushing burden our tax system puts on them. While our economy has continued to stagnate over the last fifteen years, your paychecks have not increased as fast as they should, and too many jobs have left our communities to set up shop abroad. This bill is a great chance for our state and our country. I look forward to continuing our work to put money back into the pockets of Americans.
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