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Carter on House Tax Plan: This is a Big Day

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Washington, November 2, 2017 | comments
Congressman Earl L. "Buddy" Carter (R-Ga.) today praised the introduction of the Tax Cuts and Jobs Act, the House Republican tax relief plan. 

"This is a big day," said Carter. "Today, we introduced a tax relief plan that will finally deliver relief from America's antiquated and overly burdensome tax code which I believe is the greatest threat to economic opportunity in this country. I have been asking families across the First District what they would do with the hard-earned dollars our plan would let Americans keep from their paychecks. They told me they will help their families, give back to their communities, or invest in their businesses and create jobs. This plan will empower all Americans to achieve the American Dream and I am excited to work with my colleagues to finalize the largest reform of our tax code in more than thirty years. It's about time."

Among other tax relief measures, the Tax Cuts and Jobs Act:
  • Lowers individual tax rates for low- and middle- income Americans to Zero, 12%, 25%, and 35% while continuing to maintain 39.6% for high-income Americans;
  • Significantly increases the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples;
  • Eliminates special-interest deductions;
  • Establishes a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600;
  • Preserves the Earned Income Tax Credit and the home mortgage interest deduction for existing mortgages and maintains the home mortgage deduction for newly purchased homes up to $500,000;
  • Lowers the corporate rate to 20%, down from 35%; and,
  • Reduces the tax rate on small business to no more than 25% - the lowest tax rate on small business income since World War II. 
For more details from the House Committee on Ways and Means, click here
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