Karen Handel Votes to Give Transformative Tax Cuts to the American People
Washington, D.C. - U.S. Representative Karen Handel issued the following statement after the House on Tuesday voted to pass the most sweeping tax cut bill in over three decades.
“This is a historic moment,” Rep. Handel said. “The provisions of this tax cut bill will be transformative for hardworking American families and American companies, especially our small businesses.
“More than half of Americans currently live paycheck to paycheck. In the end, the Tax Cuts and Jobs Act is about letting hardworking Americans keep more of their money. The typical American family of four earning the median family income of $73,000 will see a tax cut of $2,059.”
The Tax Cuts and Jobs Act passed the House of Representatives Tuesday afternoon by a vote of 227-203. This bill, which is the result of compromise negotiations between the House and Senate, lowers federal income tax rates for all low and middle-income Americans. It also nearly doubles the standard deduction, increases the Child Tax Credit from $1,000 to $2,000 per child, retains deductibility of up to $10,000 in state and local property taxes, and preserves $750,000 in mortgage interest deduction benefits.
Additionally, the Tax Cuts and Jobs Act lowers the corporate tax rate from 35% to 21% - helping put U.S. companies on par with the global averages and their international competitors. America’s current corporate rate is far and away the highest in the industrialized world, as these other nations place - on average - a roughly 22% rate on their corporations.
Most of America’s small businesses will be able to fully and immediately deduct investments in equipment and other resources.
“This bill also benefits America’s main street businesses - those small businesses that are the backbone of our economy and job creation,” Rep. Handel continued. "By lowering the small business tax rates, these companies can do what they do best - innovate and grow.”
The bill now heads to the Senate - where it is expected to receive a vote later this week. If it passes the Senate, it is expected to be signed into law by President Trump before Christmas.