I am proud to be a sponsor of the Protecting Family and Small Business Tax Act, which would make important tax cuts permanent and ensure taxpayers in TX-12 and across this great country keep more of their hard-earned money.
In 2017, I joined my Republican colleagues in supporting historic tax cuts through the Tax Cuts and Jobs Act. My good friend, Rep. Kevin Brady, who serves Texas’ 8th district, as then-Chairman of the Ways and Means Committee, was the architect of the tax cuts law, which marked the most sweeping update to the U.S. tax code in more than 30 years.
Now we need to make those important cuts – which are set to expire in 2026 – permanent.
The Protecting Family and Small Business Tax Act will ensure that families and businesses in TX-12 do not feel the pain of crippling tax hikes in four years. This bill will make permanent the double standard deduction of $12,000 for those filling single tax returns and $24,000 for those filing jointly. It maintains the mortgage interest deduction at $750,000 and makes permanent the child tax credit of $2,000. For job creators, it maintains the 20% tax deduction.
These tax cuts save a Texas family of four with a median income of $80,000 approximately $2,000 each year. That money can be used to put food on the table, gas in the tank, or save for a family vacation.
With America facing record-high inflation and energy prices, it is imperative that we take measures to extend policies that spur hiring and job growth. Investing in our small businesses and allowing Americans to keep more of their hard-earned money will stimulate the economy and benefit families in Texas’s 12th Congressional District.
I strongly believe that the American people know best what to do with their own money, and by supporting the Protecting Family and Small Business Tax Act, we can make sure they have that chance.