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Columns January 9, 2018  RSS feed

Kevin Brady U.S. Congressman

Brady Briefing: New Year, New Tax Code Built for American Prosperity
By: U.S. Congressman Kevin Brady

Americans woke January 1 to a new tax code built for a new era of American prosperity.

I am proud to have authored H.R. 1 and led the House-Senate conference committee that successfully delivered the first historic tax reform in three decades.

Overcoming skeptics, special interests and opponents, the Tax Cuts & Jobs Act was signed into law by President Trump before Christmas.

The old, complex, costly and unfair tax code is gone. In its place is a new tax code that delivers more jobs, fairer taxes and bigger paychecks to Americans across the country.

In Texas, it will create over 81,000 new jobs by making our local companies more competitive here and around the world. In my congressional district, a typical family of four making $92,000 will see a tax cut of $2,632.

The real winners are middle-income working families, small businesses that will see a tax cut for the first time since the 1980's, and those hoping to see American jobs come back to the U.S. from overseas.

For example, families will get help with the costs of raising children. The child tax credit is doubled to $2,000 per child and will no longer phase-out for families making just $110,000, but now $400,000 — meaning more families will get help. Parents will now be able to save tax-free in education accounts not only for college but also for kindergarten through high school expenses, including private education and lifelong learning for kids with disabilities.

The new tax code maintains important tax benefits and deductions Americans count on, including relief from high medical costs, mortgage interest, education expenses and $10,000 in state and local property, sales or income taxes.

Our new tax code also retains popular retirement savings options such as 401(k)s and IRAs and preserves and expands the charitable deduction to encourage and reward Americans who give back to their local church, charity, or other cause they believe in.

Also, our new law repeals the Obamacare mandate that forced Americans to buy a government approved health insurance plan or pay a hefty tax.

Finally, the nightmare of tax complexity is coming to an end. With this dramatically simpler and fairer tax code, roughly 9 out of 10 Americans will be able to file their taxes on a form the size of a postcard.

For American businesses of all sizes, they will have the lowest tax rates in modern history. This includes a first-ever small business tax deduction of 20% that will save our job creators money so they can create more jobs and increase paychecks.

Our new tax code puts America first and provides incentives to bring jobs back home and help reestablish our nation as a 21st-century magnet for job creation, innovation, and economic growth.

After years of stagnant wages, this new tax code will finally help Americans get a raise. It will encourage investment in our communities to increase the growth of jobs, productivity and paychecks for hardworking Americans nationwide.

In fact, many businesses have already pledged to provide bonuses to their employees, raise wages, and make substantial investments to grow their workforce in direct response to the new law and there will be more.

2018 is shaping up to be a great year for Americans and a great year for our country.

Happy New Year!

U.S. Congressman Kevin Brady chairs the House Ways and Means Committee

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