Washington, D.C. (November 13, 2017) Last week, the U.S. House Committee on Ways and Means passed H.R. 1, the Tax Cuts and Jobs Act. It will next be brought up on the House Floor for a vote.
Changes to this bill include reducing the tax rate for small businesses to encourage investment in employees and operations, as well as expansion. Small businesses are critical to the success of local economies, the tax code should include pro-growth policies that aid these businesses. This bill also prioritizes families and children by doubling the standard deduction, preserving the Adoption Tax Credit, and expanding the child tax credit.
The Committee on Ways and Means released a 39-page summary of what this legislation will include to overhaul the nation's tax code:
"On November 9, 2017, the House Ways and Means Committee passed the Tax Cuts and Jobs Act (H.R. 1) – bold legislation to overhaul America's tax code for the first time in 31 years.
With this bill, a typical middle-income family of four earning $59,000 (the median household income) will receive a $1,182 tax cut. The bill is expected to create nearly 1 million new jobs, increase annual after-tax income for middle-income households by an average of $2,598, and grow our economy by more than 3.5 percent…"
Read the full summary here.