McCaul Applauds Introduction of Tax Reform
WASHINGTON, D.C. – Today, Congressman Michael McCaul (R-TX), Chairman of the House Homeland Security Committee and a senior member of the House Foreign Affairs Committee, applauded the introduction of H.R. 1, the Tax Cuts and Jobs Act. This is bold legislation to overhaul our nation’s tax code for the first time in 31 years.
Congressman McCaul: “It has been 31 years since Congress last reformed our cumbersome tax code, which is stifling economic growth and suppressing American wages. Since then, our tax system has become increasingly bloated, complicated, and inefficient for hardworking taxpayers and small businesses around the country. Today, House Republicans introduced legislation that will provide the American people with a modernized, pro-growth tax code. This plan will deliver real relief, for example, allowing a typical middle-income family to receive a tax cut of $1,182 when they file their tax returns. I applaud my fellow Texan, House Ways and Means Committee Chairman Brady, and the rest of my colleagues on the committee, for their tireless work on this bill. American taxpayers and middle-class families deserve a break and I look forward to working with my colleagues to create more jobs, fairer taxes, and bigger paychecks for my constituents.”
Among many things, the Tax Cuts & Jobs Act enables the hard-working taxpayers to:
- Keep more of their hard-earned dollars each month with lower tax rates.
- Preserve the Child and Dependent Care Tax Credit to help families care for their children and older dependents, such as a disabled grandparent who may need additional support.
- Eliminate special-interest deductions that increase rates and complicate Americans’ taxes – so an individual or family can file their taxes on a form as simple as a postcard.
- Increase economic innovation and competitiveness that leads to more jobs here at home.
- Receive relief from the “estate tax” which doubles and triples taxes on family-owned businesses that are passed to the next generation.