Washington, DC- Congressman Steven Palazzo (MS-4) released the following statementtoday after voting in favor of the Tax Cuts and Jobs Act to reform of our current outdated tax code:
“I’ve been calling for tax reform since before I entered Congress, and today the House finally passed a bill that provides a much needed update to our tax code. First and foremost, this bill allows hardworking Americans to keep more of their hard earned money.Individuals will be able to file their taxes on a piece of paper the size of a post card, eliminating the need to pay for professional assistance or purchase expensive software.”
“This bill will also bring companies back to America, creating more jobs and bigger paychecks.Currently our corporate tax rate is higher than any other industrialized country, which helps explain why so many businesses have packed their bags and taken OUR jobs to other countries.The tax reform legislation passed today reduces the corporate tax rate and encourages businesses to bring their companies back to America.
“I’m proud to support this bill and President Trump in his bold efforts to tackle tax reform to a degree in which we haven’t seen since Ronald Reagan was President in 1986. Despite the nonsensical outpouring ofbackground noise from some people in Washington who want things to remain broken and unfair for hardworking Americans and their families, we are continuing our strong efforts to better the quality of life for all. Mississippians deserve to keep their hard earned money so they can have financial relief and flexibility.Americans deserve jobs, fair taxes, and bigger paychecks.While there is still work to do, this bill is a major milestone in helping unburden the American taxpayer and provide them with the tax relief they need a deserve. ”
The legislation includes many long sought after tax provisions that will help individuals, families and businesses including:
Doubling the standard deduction for individuals from $6,300 to $12,600 and from $12,000 to $24,000 for married couples.
Increasing the child tax credit from $1000 to$1,600.
Repealing the unnecessary death tax and the alternative minimum tax.
Consolidating the number of tax brackets from seven to four.
Lowering the corporate tax rate to 20%.
Reducing the tax rate on hard-earned small business income to no more than 25%
The bill passed in the House by a vote of 227-205. The entire bill text can be found here.