With the president expecting a tax relief package to pass Congress by Thanksgiving, the Texan who chairs the powerful House Ways and Means Committee is taking the first step in making it happen.
U.S. Rep. Kevin Brady (R-The Woodlands), alongside House Speaker Paul Ryan and other Republican congressional leaders, today unveiled “The Tax Cuts and Jobs Act.” A new GOP-produced website answers questions about the details of the plan.
The chairman said it would provide significant simplification in the tax code while reducing taxes for “Americans across the country – especially low- and middle-income Americans.” Brady added:
For families, we’re lowering rates, eliminating costly deductions that drive up taxes, and significantly increasing the standard deduction to protect more of each paycheck from taxes. We’re boosting family-focused tax benefits like the Child Tax Credit to help families keep up with the rising costs of child care, higher education, and looking after their loved ones. And we’re eliminating taxes that punish hardworking families like the Alternative Minimum Tax.
Our legislation also delivers unprecedented simplicity that will make it easier and more affordable for families across our country to file their taxes each April. For the first time in history 9 out of 10 of Americans will be able to file their taxes on a form as simple as a postcard.
And we’re making America competitive again so our workers can compete – and win – anywhere in the world, especially here at home. By delivering tax relief to businesses of all sizes, the Tax Cuts and Jobs Act makes it easier for entrepreneurs to achieve the American Dream – to start a business and create jobs in our local communities, and it entices employers to bring their headquarters and jobs back home.
We made a promise to deliver tax reform that creates more jobs, fairer taxes, and bigger paychecks. After years of work, the Tax Cuts and Jobs Act is our answer.
US Rep. Pete Sessions (R-Dallas), who chairs the House Rules Committee, described it as:
Without question this tax package will lead to a stimulated economy which will create jobs, make American businesses competitive, and allow Americans a better chance to fight for investment dollars in a global economy. As my colleagues continue to review this measure during their markup on Monday I look forward to working with them to pass this critical tax reform package.
Other Republican members of the Texas delegation responded positively to the plan, as well.
Lower rates and a simpler tax structure will decrease the burden on hardworking Americans & small biz owners. https://t.co/RfpegfNLCK
— Senator Ted Cruz (@SenTedCruz) November 2, 2017
WSJ on tax reform: “This is the first serious simplification of the tax code since 1986, and the Swamp is fighting back.”
— JohnCornyn (@JohnCornyn) November 2, 2017
To learn more about the how the Tax Cuts and Jobs Act will eliminate the swap code, visit https://t.co/qREKpFIS66
— Rep. Bill Flores (@RepBillFlores) November 2, 2017
— Lamar Smith (@LamarSmithTX21) November 2, 2017
— Jeb Hensarling (@RepHensarling) November 2, 2017
— Rep. Roger Williams (@RepRWilliams) November 2, 2017
In a media statement, US Rep. Randy Weber (R-Friendswood) added his praise:
I’m excited to read through the bill, discuss the details with my constituents and colleagues, and bring working Americans tax relief. The federal tax code is 70,000 pages long. That’s more than twice as long as the Bible, with none of the good news. Since tax reform was last accomplished, 31 years have passed. This reform has been a long time coming.
Austin liberal Lloyd Doggett and his fellow Democrats were predictably less enthusiastic.
— Lloyd Doggett (@RepLloydDoggett) November 2, 2017
— Rep. Marc Veasey (@RepVeasey) November 2, 2017