Tipton: House Passage of the Tax Cuts and Jobs Act is a Victory for the American People
WASHINGTON D.C. – Congressman Scott Tipton (CO-03) voted to help Coloradans – and all Americans – keep more of their hard earned money by supporting the Tax Cuts and Jobs Act (H.R. 1) conference report. The conference report must now be approved by the Senate before it can move to the President’s desk.
“I was proud to support comprehensive tax reform as the Tax Cuts and Jobs Act moved through the House and provide Coloradans’ input to the House and Senate negotiators during the conference process,” Tipton said. “The final legislation incorporates much of the feedback I heard from my constituents: it supports families, graduate students, homeowners, and small businesses. It’s a victory for Coloradans and all Americans.”
The Tax Cuts and Jobs Act will help Americans keep more money in their pockets by lowering individual taxes, setting the rates at 0, 10, 12, 22, 24, 32, 35, and 37 percent. The legislation also doubles the standard deduction, so the first approximately $12,000 an individual brings home and $24,000 a family brings home is free from the federal income tax. According to the Internal Revenue Service, approximately 73 percent of Coloradans living in the Third Congressional District claim the standard deduction on their taxes.
The legislation also supports families by expanding the Child Tax Credit from $1,000 to $2,000, in addition to maintaining the current Child and Dependent Care and the Adoption Tax Credits.
The Tax Cuts and Jobs Act will support small businesses by establishing a twenty percent deduction for the first $315,000 of joint income earned by businesses that are classified as S corporations, partnerships, LLCs, and sole proprietorships.
The bill will also assist Americans who wish to pursue higher education by continuing to exempt the value of reduced tuition from taxes. Additionally, the Tax Cuts and Jobs Act will restore American families' right to choose what healthcare plan is best for them by eliminating Obamacare's individual mandate tax penalty beginning in 2019.
"This week's vote to reform our broken tax code is historic, but more importantly, it puts the needs of the American people before special interests,” Tipton added. “I look forward to seeing the bill signed into law before the New Year, so Coloradans and all Americans will experience the benefits immediately."