Historic Tax Cuts Moves to House and Senate for Full Vote
| Today, members of the Tax Cuts and Jobs Act (H.R. 1) House-Senate Conference Committee signed the conference report for this legislation and Conference Committee Chairman Kevin Brady (R-TX) filed the conference report in the House. The bill will now move forward to be voted on next week by the entire House of Representatives and Senate.With this bill, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059. Chairman Brady said: “This is a historic moment for the American people. For the first time in 31 years, the House and the Senate have now come together to deliver pro-growth tax reform that will help more Americans across our country keep more of their hard-earned money. This legislation will also grow our economy, make our companies of all sizes more competitive, and help prevent more American jobs from continuing to go overseas. I appreciate my colleagues’ hard work and look forward to voting on this bill in the House next week.” Senate Finance Committee Chairman Orrin Hatch (R-UT) said: “Historic achievements are challenging and reforming the tax code is no different. From the outset, Republicans in Congress sought to develop a comprehensive, pro-growth tax reform bill that will grow the economy, jumpstart job creation, and increase take-home pay for hardworking American families. Over the last several months, we’ve kept a steady pace, allowing each chamber to work its will and produce legislation that will achieve our shared goal. And, over the last two weeks, conferees in the Senate and House have met, examined the merits of each bill, worked to reconcile the differences and found consensus to produce final bicameral legislation. Today marks a critical milestone in this endeavor and keeps us on track to deliver a comprehensive tax overhaul to the American people by year’s end.” CLICK HERE to read the full legislative text of the Tax Cuts and Jobs Act. CLICK HERE or the image below to read the policy highlights in the Tax Cuts and Jobs Act. CLICK HERE to read the Joint Committee on Taxation revenue table.
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