Idaho Senators Mike Crapo and Jim Risch today applauded the Senate's passage of the Tax Cuts and Jobs Act. Crapo and Risch both voted in favor of the legislation which will provide tax relief for Idaho families and all Americans.
"For the first time in over three decades, Congress has finally taken an imperative step forward in reforming our tax code to allow Idaho's women and men the ability to keep more of their hard-earned money, while the bill's dramatic simplification of the tax code will also save families significant time and money when it comes time to file their taxes each year." said Crapo and Risch jointly following the Senate's Saturday morning vote.
"Under this monumental overhaul, Americans in every income group will see a reduction in their tax burden, with those in the lower and middle-income categories seeing the greatest percentage reduction. Six million of the most vulnerable taxpayers will see a reduction of their taxes to zero. A typical family of four will benefit from a $2,200 tax cut. The Tax Cuts and Jobs Act will produce growth not seen in generations, giving Americans access to higher wages, greater job opportunities and a more vibrant economy, all of which will result in greater dynamic revenue generation to reduce the deficit and improve our nation's fiscal standing."
"We have long held that Congress could not have created a tax code that is more unfair, more complex, more expensive to comply with, or more anti-competitive to our own American businesses than the code currently in place," added Crapo and Risch. "Going far beyond the typical debate we have seen in recent decades about tax cuts vs. tax increases, this comprehensive reform successfully addresses each of the problems with the current tax code. Ultimately, today's Senate passage signifies an historic step forward in putting America back on a path toward sound fiscal health."
In addition to necessary tax cuts for the vulnerable and widespread economic growth mentioned by Crapo and Risch, the Tax Cuts and Jobs Act will:
Double the Standard Deduction, saving millions of families from having to save their receipts and find them all again each year at tax time;
Double the child tax credit to benefit working families;
Keep popular deductions, such as the adoption tax credit, charitable giving deduction, medical expenses deduction and mortgage interest deduction;
Continue longstanding bipartisan efforts to further protect family farms and small businesses from the Death Tax;
Make American job creators more competitive by reducing our corporate tax rate, which is currently the highest tax rate in the industrialized world;
Build on the new 17.4 percent deduction for pass-through businesses, created in the original Senate Finance Committee bill, by raising the new deduction to 23 percent;
Provide significant tax relief and simplification for small businesses, earning the endorsement of the National Federation of Independent Business; and
Create a globally competitive tax system that encourages investment in the U.S. economy by allowing companies to bring capital back to the U.S.
Senator Crapo is a senior member of the Senate Finance Committee, which has jurisdiction over the legislation. Senator Risch is Chairman of the Small Business Committee. The differences between the House and Senate versions of the Tax Cuts and Jobs Act will now undergo reconciliation. The final version coming out of the conference committee will need to be approved by both houses before it is sent to the president for signature.