Weber Supports Passage of Tax Cuts and Jobs Act
Washington, D.C. – On Thursday, November 16, 2017, the Tax Cuts and Jobs Act (H.R.1) passed the House by a vote of 227 to 205. Congressman Randy Weber (R – Friendswood), supported the bill and released the following statement:
“Months of discussions and drafts led to the vote we took today. Our plan will lead to over 70,000 new jobs in Texas and a $2,210 increase in income for median households. We champion families and small businesses, and we incentivize major corporations to bring their workforce back home.
“With the passage of the Tax Cuts and Jobs Act, we have something to celebrate. It’s no secret, the monstrosity of our current federal tax code creates a burden on hardworking Americans. We’re bringing that to an end.
“When you put aside the barrage of headlines and rhetoric, and look at the facts, the everyday American should be encouraged by this fair and simple tax code.”
By the numbers, this is what the Tax Cuts and Jobs Act can do for you and your neighbors:
• $1,182: The tax cut typical American families will receive.
• $1,600: The new Child Tax Credit, up from $1,000 under the current tax code.
• $24,000: The new, nearly-doubled standard deduction for joint filers.
• 25%: The new tax rate on small businesses, most of whom currently file as individuals.
• 20%: The new corporate tax rate, down from 35% under the current tax code.
• 90%: The number of Americans who will be able to file their taxes on a postcard-sized form.
• 100%: The amount of income levels that will receive a tax cut.
• 975,000: The amount of new, full-time jobs that will be created.
• 31: The amount of years since we last overhauled our tax code.
• 4: The new number of tax brackets, down from 7 under the current tax code.
• $10,000: The amount of state and local property taxes you can deduct.