Carter Votes to Lower Taxes, Revitalize Economy

Press Release

Congressman John Carter (TX-31) released the following statement after he joined his colleagues in the House in passing H.R. 1, the Tax Cuts and Jobs Act.

"America's middle-class families have been waiting for a tax code that puts them first for decades, and today was one of the final steps to deliver real tax relief for those that need it most. For far too long, America's complicated tax code has been filled with special interest loopholes and unfair regulations, resulting in hard-working middle class families bearing the brunt of the tax burden. Today, that changes.

"Our bill will revitalize the economy by lowering individual tax rates, creating jobs, and delivering significant tax relief to Main Street job creators, which will result in wage growth and more money in Texans' pockets. Texas' working families deserve to keep more of their hard-earned money, and this legislation ensures that happens."

Highlights of the Tax Cuts and Jobs Act:

· Lowers individual taxes and sets the rates at 0%, 10%, 12%. 22%, 24%, 32%, 35% and 37%.

· Increases the standard deduction from $6,350 to $12,000 for individuals, and $12,700 to $24,000 for married couples.

· Continues to allow people to write off the cost of state and local taxes.

· Eliminates Obamacare's individual mandate penalty tax.

· Provides support for graduate students by continuing to exempt the value of reduced tuition for taxes.

Source