Repeals Obamacare’s individual mandate and puts more money in Americans’ paychecks
WASHINGTON – Rep. John Ratcliffe (R-Texas) voted today for the passage of the final version of the Tax Cuts and Jobs Act (H.R. 1) in the U.S. House of Representatives. As the biggest tax cut since Ronald Reagan’s presidency, the bill will create bigger paychecks, spur job creation and knock the legs out from under Obamacare. President Trump is anticipated to sign it into law shortly.
“This is a historic accomplishment for our country. More than three decades in the making, the bill we just passed took our outdated, uncompetitive and overreaching tax code, and turned it upside down. Today we restored our confidence in the ingenuity of the American people and said no to a ‘Washington knows best’ attitude.”
“I was honored for the chance to have a seat at the table during our historic passage of the Tax Cuts and Jobs Act, and believe this is a Christmas present all Americans can be proud of.”
In addition to creating nearly 1 million jobs nationwide, the bill is expected to create close to 80,000 jobs in Texas. It is also projected to allow the average middle-class family of four in Texas to take home an extra $2,600 each year. By doubling the standard deduction for individuals and families, this legislation will create a zero percent tax bracket of up to $24,000 for families all across the country.
Significant pro-growth, pro-family provisions include:
- Repealing Obamacare’s individual mandate that overwhelmingly penalizes low- and middle-income Americans
- Doubling the child tax credit from $1,000 to $2,000 per child
- Reducing taxes on small-business job creators to the lowest level in decades
- Maintaining the adoption tax credit and charitable donation credit
- Lowering the corporate tax rate from 35 percent to 21 percent
Click here for more information on the Tax Cuts and Jobs Act.