House Passes Tax Reform Bill

Statement

Congressman Don Bacon (NE-02) joined his House colleagues in passing the Tax Cuts and Jobs Act today, and released the following statement:

"Today, the United States House of Representatives took a big step to deliver Americans the tax relief they deserve. This tax reform will let the majority of working families keep more of their hard-earned money. Taxpayers will also spend less time and money filing their taxes under a streamlined tax code with a standard deduction that is doubled, which will protect more Americans' paychecks from taxes. For small business owners who have struggled to compete and succeed due to burdensome taxes, the Tax Cuts and Jobs Act lowers the tax rate to 25%; the lowest tax rate on small businesses since World War II. American businesses of all sizes will be able to compete in a global economy with a reduction in the corporate tax rate from the highest rate in the industrialized world at 35% to 20%. This legislation is a significant measure in ensuring our nation's taxpayers and families will have the opportunity to succeed and businesses will have the prospect of reaching their full economic potential. There are several areas I think still need to be fine-tuned, but this vote today takes us clearly in the right direction."

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