Banks Supports Historic Tax Reform Legislation
Washington, D.C – Congressman Jim Banks (IN-03) today released the following statement after voting for the Tax Cuts and Jobs Act Conference Report:
“Today is a good day for the future of the American dream. By passing this legislation, Congress has delivered on its promise to deliver sweeping tax reform to the American people for the first time since 1986. The Tax Cuts and Jobs Act will provide middle-class tax relief while promoting investment, job creation and sustained economic growth. It will lead to bigger paychecks for workers across our country and restore America’s global competitiveness. I commend Speaker Paul Ryan, Ways and Means Chairman Kevin Brady and members of the Conference Committee for their hard work that made this day possible. I look forward to swift passage in the Senate and President Trump signing this historic legislation into law.”
The Conference Report to the Tax Cuts and Jobs Act passed the U.S. House of Representatives 227-203. The bill includes a series of provisions that will simplify the tax code and lower rates, allowing Hoosiers to keep more of their hard-earned money. The final bill also doubles the standard deduction to $12,000 and $24,000 for individuals and married couples respectively, while also expanding the Child Tax Credit. Businesses will experience much needed relief through a new deduction for pass-through entities, allowing Hoosier small businesses to make new investments. The legislation also boosts America’s global competitiveness by lowering the corporate tax rate to 21 percent.
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