Congressman Chris Collins (NY-27) today voted for H.R. 1, Tax Cuts and Jobs Act, which will provide historic tax relief to families across America and spur economic growth.
"With today's vote, President Trump and House Republicans have seized this once-in-a-generation opportunity to reform our nation's tax code," said Collins. "Since this plan was introduced, I have crunched the numbers and know that this bill will allow families in Western New York and the Finger Lakes to keep more of what they earn, while unleashing America's competitiveness to bring jobs and profits back home, where they belong."
The legislation passed by the House today lowers tax rates, collapses tax brackets, increases the child tax credit and doubles the standard deduction, which will allow families to keep more of their paychecks. Most families are likely to use the new standard deduction, no longer needing to itemize deductions. For those that still choose to itemize, House Republicans have maintained important deductions for mortgage interest, charitable contributions, and state and local property taxes up to $10,000.
"Families that are struggling to make ends meet will see more cash in their pockets to help with everyday expenses," said Collins. "This tax reform will also have an overwhelming impact on our nation's economy that will create jobs and increase wages."
Currently, the United States has the highest corporate tax rate in the world. H.R. 1 will lower this rate to be competitive with other industrialized nations. Additionally, the plan lowers the tax rate on small businesses to the lowest it has been since WWII.
Collins added: "Unfortunately, career politicians like Andrew Cuomo and Chuck Schumer have not been truthful over the past few weeks as they look out for New York City millionaires and try to keep more of my constituents' hard earned money for their wasteful spending. I am only looking out for the people of Western New York and the Finger Lakes, and their wallets. The tax reform package ultimately sent to President Trump's desk will improve the lives of my constituents and will truly Make America Great Again."
Based upon average family household income, average home value, an estimated mortgage interest of 4%, and respective state and property taxes, a family of four in the follow counties under the House Republican tax plan would save an average of:
For more information on H.R. 1, Tax Cuts and Jobs Act, click here.