WASHINGTON - Rep. Brat released the following statement after the House passed the final language of historic tax reform legislation, the Tax Cuts and Jobs Act. The Senate is set to consider the bill later today and it will then go to the President's desk to be signed into law.
“Today the House of Representatives kept our word and delivered historic tax reform to the American people. This bill is good news for Virginia families who will overwhelmingly see more money in their paychecks next year. These tax reforms will help spur economic growth, create jobs, increase wages, and make our onerous tax code simpler and fairer for countless Americans.
“For twenty years I taught college students, and under this bill, the best news is that those students will now hopefully see multiple job offers coming their way and they will be able to use their God-given gifts and talents to pursue their passions and the American Dream.”
The bill includes the following:
- The average family of four earning a median family income of $73,000 will receive a tax cut of $2,059
- Significantly increases the standard deduction to roughly double, from $6500 and $13,000 under current law to $12,000 and $24,000 for individuals and married couples
- Expands Child Tax Credit from $1000 to $2000
- Preserves the Adoption Tax Credit
- Preserves the home mortgage interest deduction
- Expands the medical expense deduction
- Eliminates Obamacare’s individual mandate tax penalty
