The House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced the Tax Cuts and Jobs Act today.
We downloaded a copy of the 429 page document here.
The announcement declared that it is “bold legislation to overhaul America’s tax code for the first time in 31 years. With this bill, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.”
Upon introducing the Tax Cuts and Jobs Act – co-sponsored by Speaker Paul Ryan (R-WI) and all Ways and Means Committee Republican Members – Chairman Brady said: “Today marks the beginning of the end of our nation’s broken tax code. The Tax Cuts and Jobs Act will deliver real tax relief to Americans across the country – especially low- and middle-income Americans who have been struggling for far too long to earn a raise and get ahead.
“Our legislation is focused entirely on growing our economy, bringing jobs back to our local communities, increasing paychecks for our workers, and making sure Americans are able to keep more of the money they earn.
“For families, we’re lowering rates, eliminating costly deductions that drive up taxes, and significantly increasing the standard deduction to protect more of each paycheck from taxes. We’re boosting family-focused tax benefits like the Child Tax Credit to help families keep up with the rising costs of child care, higher education, and looking after their loved ones. And we’re eliminating taxes that punish hardworking families like the Alternative Minimum Tax.
“Our legislation also delivers unprecedented simplicity that will make it easier and more affordable for families across our country to file their taxes each April. For the first time in history 9 out of 10 of Americans will be able to file their taxes on a form as simple as a postcard.
“And we’re making America competitive again so our workers can compete – and win – anywhere in the world, especially here at home. By delivering tax relief to businesses of all sizes, the Tax Cuts and Jobs Act makes it easier for entrepreneurs to achieve the American Dream – to start a business and create jobs in our local communities, and it entices employers to bring their headquarters and jobs back home.
“We made a promise to deliver tax reform that creates more jobs, fairer taxes, and bigger paychecks. After years of work, the Tax Cuts and Jobs Act is our answer.
“The legislation is now available online so our workers, families, and job creators can see how tax reform will improve their lives. I’m confident in the weeks ahead we will move this important legislation forward and work with the Senate to send a unified bill to President Trump’s desk by the end of the year.”
A section-by-section summary of the bill:
https://waysandmeansforms.house.gov/uploadedfiles/tax_cuts_and_jobs_act_section_by_section_hr1.pdf
Policy highlights of the legislation:
https://waysandmeansforms.house.gov/uploadedfiles/policy_highlights.pdf
Taxpayer examples of how the Tax Cuts and Jobs Act will apply to them:
https://waysandmeansforms.house.gov/uploadedfiles/tax_payer_examples.pdf
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