RELEASE: Fleischmann Votes for Final Passage of H.R.1, The Tax Cuts and Jobs Act
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:
“The last time Americans witnessed tax reform was 1986, and I am proud to have voted to change that today,” said Congressman Fleischmann. “This legislation demonstrates what can happen when Members work in a bicameral fashion toward one common goal- tax relief for families, workers, and businesses. I commend the leadership of Chairman Brady and the tireless work from Members of the Conference Committee, and look forward to seeing this legislation on the President’s desk.”
In detail, the Conference Report to Accompany H.R. 1, The Tax Cuts and Jobs Act will:
- Increase the standard deduction to $12,000 for single files, $18,000 for heads of household, and $24,000 for joint filers.
- Simplify the Corporate Tax Rate to a single-rate, 21 percent income tax.
- Expand the Child Tax Credit to $2,000.
- Repeal Obamacare Individual Mandate Penalty.
*Information courtesy of TaxFoundation.org