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PASSED: The Tax Cuts and Jobs Act

Congressman Earl L. "Buddy" Carter (R-Ga.) voted today for the largest overhaul of the American tax code in more than thirty years. The Tax Cuts and Jobs Act, which passed the House today with Carter's support, cuts taxes, creates jobs and works to stimulate our economy. In Georgia, it has been estimated this legislation will lead to the creation of 29,521 jobs in our state and raise after-tax income for middle class families in Georgia by $2,355. 

"I am thrilled this legislation passed the House today," said Carter. "Our tax code is overly complicated, outdated, and stifling our job creators. Finally, after more than thirty years, the House has passed a plan to provide relief. This legislation not only reduces individual rates across the board, it also enables our job creators to invest more into middle, working class families. This bill levels the playing field for all Americans and allows families in the First District to keep more of their hard earned paychecks. I urge my colleagues in the Senate to act swiftly so we can work with President Trump to get this across the finish line as soon as possible."

Among other tax relief measures, the Tax Cuts and Jobs Act:
  • Lowers individual tax rates for low- and middle- 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 additional details on the legislation, click here.