WASHINGTON, D.C. – Congressman Brian Fitzpatrick (PA-08) released the following statement Tuesday regarding the passage of tax reform legislation:
“A 21st-century economy requires a 21st-century tax code, making tax reform a crucial part of any pro-growth governing strategy. With today’s vote, our nation has taken a historic step to invest in American families and support American businesses and workers. More than just allowing Americans to keep more of their hard-earned money, this legislation maintains important parts of existing policy like deductions for student loan interest payments, strengthens and expands provisions like the Child Tax Credit, and takes new action to increase economic competitiveness at home and abroad. While this is an important piece of the puzzle, we cannot stop here. It is time Democrats and Republicans work together to take meaningful action on a wide range of priorities, from infrastructure to ending the culture of corruption in Washington.”
The bill, known as the Tax Cuts and Jobs Act passed Congress with a vote of 227 to 203. The $1.5 trillion package moves to the Senate next. Then the TCJA will be in the hands of President Donald Trump, who is expected to sign the bill before Christmas.
The tax overhaul is expected to double the deduction for millions of families who annually claim returns, cut rates for American companies, and rewrite various tax codes.
The bill also lowers corporate tax rates from 35 to 21 percent.
According to Bussiness Insider, many economists and most analyses TCJA giving a modest economic boost and an average cut in taxes for Americans of all incomes.
President Trump tweeted an immediate response to the vote: