Political Quotes

“Mr. President, as the 115th Congress winds down, I would like to reflect on the enactment of the historic tax legislation, which passed last year, and what is ahead for us in the new year. In December of 2017, Congress passed, and the President signed into law, the most comprehensive reforms to the Nation's tax laws in more than three decades. For years, both sides of the aisle have talked about the need for tax reform that would provide tax simplification, tax fairness, and increase America's economic competitiveness. With the enactment of the law called the Tax Cuts and Jobs Act, we finally made all three of those goals a reality. Significant simplification was achieved for individuals by nearly doubling the standard deduction. This means people will be able to pay less and avoid the tedious task of itemizing their taxes. Overall, roughly 90 percent of taxpayers will file their taxes by simply taking the standard deduction. Moreover, thanks to a significantly higher alternative minimum tax, which we refer to as the AMT exemption, millions of middle-class taxpayers will no longer be faced with figuring out their tax liability two times: one time to calculate their regular tax liability and the second time to calculate their tax liability under the alternative minimum tax. It also provided tax fairness by reducing taxes across every income group. In fact, middle-income families experienced the largest tax cut by percentage.…”