On December 22, 2017, President Donald J. Trump signed H.R. 1, the Tax Cuts and Jobs Act into law. This historic legislation marked the first overhaul of the American tax code since 1986.
H.R. 1 transformed our outdated and overcomplicated tax code into a fair and simple system that keeps big government out of the pockets of hardworking Tennesseans, while also allowing families and business owners to keep more of their hard-earned dollars.
Before the Tax Cuts and Jobs Act the American corporate tax rate was the highest in the world, and as a result put American businesses at a competitive disadvantage in the global economy. Thanks to the Tax Cuts and Jobs Act our corporate tax was reduced from 35% to 21%. Finally, American entrepreneurs and business owners have a tax system that will make America more competitive on a global scale.
For over 30 years, East Tennessee families had less of their paychecks to use as they pleased, and were paying too much in taxes. With the passage of the Tax Cuts and Jobs Act a typical family of four in Tennessee will see a tax cut of just over $2,000. In addition, H.R. 1 dramatically increased the standard deduction from $6,500 and $13,000 to $12,000 and $24,000. For families with children, the Tax Cuts and Jobs Act expanded the Child Tax Credit, from $1,000 to $2,000 making it easier to raise a family, save for the future, and enjoy a better quality of life.
As your Congressman I will continue to support a pro-growth, pro-business agenda with the best interests of East Tennessee families and businesses in mind.
More on Tax Reform
CHATTANOOGA, TN — Congressman Chuck Fleischmann (TN-03) issued the following statement after receiving the “Guardian of Small Business” award from The National Federation of Independent Business (NFIB):
Washington, D.C.— Congressman Chuck Fleischmann (TN-03) released the following statement upon the passage of the Conference Report to Accompany H.R. 1, The Tax Cuts and Jobs Act:
WASHINGTON, D.C. — Congressman Chuck Fleischmann (TN-03) issued the following statement upon the passage of H.R. 1, the Tax Cuts and Jobs Act, historic legislation to reform the American tax code:
Washington, D.C. — Congressman Chuck Fleischmann (TN-03) released the following statement upon the release of the Tax Cuts and Jobs Act:
WASHINGTON− Today the House of Representatives passed the Protecting Americans from Tax Hikes (PATH) Act that will provide much needed relief and certainty to America’s small businesses. Congressman Fleischmann released the following statement after passage of the bill.
WASHINGTON−This evening, the House of Representatives voted to hold Lois Lerner, a former top official at the IRS, in contempt of Congress. On two separate occasions, Lerner refused to answer questions about the IRS’s reported targeting of political groups while asserting her innocence. After the vote, Congressman Fleischmann released the following statement.