Political Quotes

“I thank the chairman of the Rules Committee for yielding. Today, the House of Representatives is considering tax reform for the first time since 1986. In the last 31 years, the world has changed a lot and it is time that we bring the Tax Code into the 21st century. This needed tax reform will put our country on a path to long-term economic stability and help hardworking families around the country get ahead. The Tax Cuts and Jobs Act will help American families in important ways. First, it focuses on Americans in the middle of the earning scale by doubling the standard deduction and creating a new family flexibility credit for nondependents. Taxpayers will be able to deduct even more from their taxable income, reducing the need for tedious itemization. In addition, the bill repeals the alternative minimum tax. This tax was never intended to be as broad as it has become, but because it was not indexed for inflation when it was introduced, many of us find ourselves having to calculate our taxes twice to see if we are ensnared by the alternative minimum tax. It is time for this one to go away. With decreased taxation, American families have more money in their pockets, resulting in greater contributions to the economy. The bill also alleviates some of the cost of raising children by expanding the child tax credit.…”