Political Quotes

“Mr. Speaker, I would like to share some information about the Unified Tax Reform Framework that was released last week by Republicans in the House of Representatives. I think it is important that, with all of the sad news coming out this week in the country, particularly in Puerto Rico and Las Vegas, we do share with the American people some information that will be so important to them long term and will help our economy get a good jump start. Incidentally, last quarter, our economy grew at 3.1 percent, but very few people have heard about that, and it is important that we point that out. Mr. Speaker, the material provided by the Ways and Means Committee is extraordinarily valuable, and I also would encourage people to go on the Ways and Means' website and on my website and on individual websites of Members to gain more information about this framework. First, it lowers the rates for individuals and families. The framework shrinks the current seven tax brackets into three: 12 percent, 25 percent, and 35 percent. And actually, Mr. Speaker, many more Americans will pay no taxes as a result of the tax reform, because we are going to double the standard deduction and enhance the child tax credit. {time} 1100 The framework roughly doubles the standard deduction so that typical middle class families will keep more of their paycheck. It also significantly increases the child tax credit. It eliminates loopholes for the wealthy and protects bedrock provisions for the middle class.…”