House passes $1.5T tax bill, delivering on a major piece of GOP agenda
The House has passed the most sweeping rewrite of the nation’s tax laws in more than three decades. The bill now goes to the Senate for an expected vote Tuesday evening.
The House approved the bill by a mostly party-line vote of 227-203. The bill represents the first major legislative victory for President Donald Trump.
The $1.5 trillion package would provide steep tax cuts for businesses and the wealthy and more modest cuts for middle- and low-income families. The business tax cuts would take effect in January. Workers would start to see changes in the amount of taxes withheld from their paychecks in February.
The bill would nearly double the standard deduction used by most taxpayers, while those who itemize would lose some deductions.
Congressman Mo Brooks recently had surgery but was cleared by his doctors to fly to the capitol to cast his vote in favor of the bill. “I’m pleased my radical prostatectomy surgery went well enough for me to make a day trip to Washington to vote on tax reform. This tax reform is an historic opportunity to put more money into the pockets of working Alabamians at all income levels and spur much-needed economic growth that will both help with America’s deficit and debt crisis and improve struggling American family incomes.”
“With this bill, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059,” Brooks explained. “That is a lot of money working families need to help pay their bills.”
“America faces a dangerous $20 trillion national debt and an unending string of $1 trillion/year deficits starting in just four years. Economic growth is critical to avoid a national debilitating insolvency and bankruptcy that could destroy an American economy it took our ancestors centuries to build,” said Brooks “The Tax Cuts and Jobs Act cuts corporate and pass-through tax rates, allows full and immediate expensing of new equipment, and encourages companies to bring back overseas profits needed to spur investment in factories and jobs in America. Overall, these tax reforms make American job-creators more competitive in a cut-throat international marketplace, thereby protecting and creating even more jobs and bigger paychecks for struggling American families.”
Immediately after the vote, Congressman Brooks flew back to Alabama for follow-up medical procedures.
Congressman Robert Aderholt stated that he also voted in favor 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 standard deduction. 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.”