RELEASE: Fleischmann Votes in Support of Historic Tax Reform

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:

"Today the House of Representatives passed long overdue and sorely need tax reform legislation which will lead to families in Tennessee keeping more of their hard earned paychecks," said Fleischmann. "For example, a typical middle-income family in Tennessee will receive up to a $1,951 increase in income. Second, the Tax Cuts and Jobs Act establishes a new Family Credit that includes increasing the Child Tax Credit from $1,000 to $1,600. As a father of three, I know that raising a family can be expensive, and it is time we have a tax code that works with, not against, families.

Tennessee is home to over 500,000 small businesses as well as international employers like Volkswagen, all of which will benefit from the Tax Cuts and Jobs Act. Currently, our corporate tax rate is 35%, the highest in the industrialized world. The plan prosed today will reduce the corporate rate to 20% and the small business rate to 25%. The result of this business-centered tax reform will create thousands of jobs and make America more competitive on a global scale. That means more Tennesseans at work and a more prosperous Volunteer State."

The Tax Cuts and Jobs Act passed the House with a vote of 227 to 205.

*Data provided by the nonpartisan Tax Foundation.