Today, Congressman Robert Aderholt, released the following statement in regard to the passage of the Tax Reform and Jobs Bill.
"This afternoon, I voted in the House of Representatives, to give back more money to Alabama taxpayers. Far too many of the people in Washington believe that the government should have a right to a high percentage of everything you earn. Those people are wrong. It is your money, and you should be able to keep even more of it.
"This tax bill does the right thing. It doubles the child tax credit. It doubles the personal tax exemption. It keeps medical deductions and mortgage deductions, and more than 80% of the people in the 4th District of Alabama will receive a tax cut.
"This is also a jobs bill. By lowering the corporate tax rate, businesses are no longer rewarded for moving their businesses and jobs overseas where tax rates are cheaper. Our cumbersome, 20th Century tax code desperately needed updating. This bill achieves that goal."
Individual filers: $6,350 under current law, will increase to $12,000 under TCJA = Increase in deduction of $5,650
Married filing jointly: $12,700 under current law, $24,000 under TCJA = Increase in deduction of $11,300
In Washington, Congressman Aderholt serves as Chairman of the Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies for the powerful House Appropriations Committee; he is also a member of the Committee's Defense Subcommittee, the Committee's Commerce, Justice, and Science Subcommittee, and the Helsinki Commission.
For more information about Aderholt's work in Congress visit: www.aderholt.house.gov.