Congresswoman Kay Granger (TX-12) today issued the following statement after the U.S. House of Representatives passed the Tax Cuts and Jobs Act:
“Our current tax code is too long, too complicated and is a drag on the economy. With the passage of the Tax Cuts and Jobs Act, we have a historic opportunity to simplify the tax code and lower the overall tax rate for both individuals and businesses, creating new jobs and new opportunities for Texans.
“Right now, businesses are suffering under some of the highest taxes in the world, forcing them to move jobs overseas to be able to stay in business. The Tax Cuts and Jobs Act reduces tax rates so that businesses will stay in the U.S. and encourages those that have moved to come back. This will increase jobs, while reforms like increasing the standard deduction and removing special interest loopholes will make the tax filing process easier and simpler for all Texans.
“By doubling the standard deduction for individuals and families, and lowering the overall tax rate, the Tax Cuts and Jobs Act will result in more money in the pockets of average Texans, more than making up for the elimination of any one particular deduction. In fact, the Tax Foundation estimates that the House Republican tax plan will create 81,108 jobs for Texans and increase the median Texan household income by $2,558. The bill passed by the House today will cut taxes, create jobs, energize the economy, and result in more money in the average worker’s paycheck.”