Tipton Votes to Move Nation One Step Closer to Tax Reform
WASHINGTON D.C. — Congressman Scott Tipton (CO-03) voted to help Coloradans keep more of the money they earn, grow U.S. jobs and support a globally competitive America by supporting the Tax Cuts and Jobs Act (H.R. 1). The bill passed the House with a vote of 227-205.
“With the passage of The Tax Cuts and Jobs Act, we moved one step closer to achieving comprehensive tax reform,” said Tipton. “This legislation will put our nation and Colorado back on track by providing much needed assistance to families and small businesses. I am especially optimistic as this legislation will bring an estimated 17,520 new jobs to my state and median income households in Colorado are estimated to see an average $3,105 increase in their income. Coloradans know best how to spend their hard earned paychecks and this legislation will allow them that opportunity.”
The Tax Cuts and Jobs Act will reduce rates for people at the low and middle income levels by lowering the number of tax brackets from seven to four and doubling the standard deduction so that families can keep more of their money. It will cap tax rates for small businesses at twenty five percent and cap rates for corporations at twenty percent, allowing the United States to become globally competitive.
This legislation increases the Family Credit from $1,000 per child to $1,600. An analysis by the U.S. Chamber of Commerce shows that over 49,000 individuals in the 3rd Congressional District of Colorado benefit from the credit. The bill will also eliminate the Estate Tax, allowing Coloradans to keep the small businesses and farms that have been in their families for generations.
In reducing the tax rates for small businesses, the Tax Cuts and Jobs Act will help the over 57,000 small business owners in Colorado’s 3rd Congressional District to keep their doors open and create jobs in their communities.
“I recognize that this legislation is not yet perfect, but it is a great starting point,” said Tipton. “The Senate has yet to pass their tax reform bill, and I anticipate that adjustments will be made in the House-Senate conference process.”