Congressman Matt Gaetz Applauds Passage of Tax Cuts and Jobs Act
Washington, D.C. — Congressman Matt Gaetz (R-FL) today applauded the U.S. House of Representatives for passing H.R. 1, the Tax Cuts and Jobs Act. The comprehensive tax reform bill, which passed the House 227-205, is the first large-scale overhaul of the tax code since 1986.
The Tax Cuts and Jobs Act reduces the number of individual tax brackets from seven to four. It eliminates special-interest deductions, while preserving deductions that benefit lower and middle-income American families. It lowers the tax rate on small businesses to 25%, the lowest since World War II, and reduces the corporate tax rate to 20%. The tax cuts included in the House tax plan are expected to generate massive economic growth, and to create tens of thousands of new jobs nationwide.
In response to the passage of H.R. 1, Rep. Gaetz issued the following statement:
“The passage of the Tax Cuts and Jobs Act is a tremendous victory for American families. The last time Congress passed significant tax reform was over thirty-five years ago. Since then, tax rates have crept higher, and taxes keep taking a bigger and bigger bite out of American families’ paychecks. Meanwhile, American businesses have suffered under the highest corporate tax rate in the developed world. Our tax code punishes American businesses, while rewarding companies that move facilities, jobs, and revenue overseas. Even worse, our tax system is so complicated that American families spend over three hundred and seventy billion dollars a year on tax preparation — enough to send every family in America on a week-long trip to Disney World.
“Our outdated tax code has thrown a wet blanket over America’s economic growth for decades, and an overhaul was long overdue. American families needed tax relief, and I am proud to have helped deliver it. The Tax Cuts and Jobs Act will allow Americans of every income level to keep more of their hard-earned money, and will create thousands of new jobs nationwide.
“Now that the Tax Cuts and Jobs Act has passed the House, the Senate must work quickly to pass their tax reform plan. Even though the Senate tax plan is slightly different than ours, we seem to be on the same page: closing loopholes, encouraging business growth, and giving hardworking Americans a raise. I look forward to conferencing with the Senate, and delivering meaningful, pro-growth tax reform to families nationwide,” Rep. Gaetz said.