Congresswoman Kay Granger (TX-12) today issued the following statement after the U.S. House of Representatives passed the Tax Cuts and Jobs Act:
“Today, the House passed the most sweeping, pro-growth tax reform since President Reagan. These tax cuts will ensure Texans keep more of their hard earned money. In addition, this legislation not only protects current American jobs but also encourages companies who have moved overseas to come home and bring jobs back to Texas.
“The bill nearly doubles the standard tax deduction and reduces loopholes, while preserving important tax breaks such as the teacher tax deduction for classroom expenses. With this bill, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059. The bill also expands the Child Tax Credit from $1,000 to $2,000 for single filers and married couples to help parents with the cost of raising children. It also allows Texans to write off up to $10,000 of their property taxes.
“This legislation delivers real relief to businesses by lowering the corporate tax rate to 21 percent, down from 35 percent. In fact, it reduces taxes on small businesses to the lowest they’ve been in 40 years. Businesses will be able to immediately write off the full cost of new equipment to improve operations and enhance the skills of their workers.
“There has been a lot of mischaracterization of what this bill does, but the American people will know the truth when they start to see more money in their paychecks as early as February of next year.
“Congress has finally delivered on the promise of tax reform, and I am proud to have supported this historic tax bill.”