WASHINGTON DC — Pennsylvania Republican delegation is reacting favorably to the passage of the House of Representatives Tax Cuts & Jobs Act. Congressman Tom Marino said in a statement,
“The Tax Cuts and Jobs Act makes our tax code more fair and honest for hard-working middle-class families who today are struggling to keep up with rising costs.”
Representative Lou Barletta voted in favor of the legislation, “Today, we signaled that the old way of doing business is over. The era of stagnation is coming to a close. I urge the Senate not to stand in the way of the hopes and dreams of millions of American families.”
U.S. Senator Pat Toomey (R-Pa.) issued the following statement on the passage Senate Finance committee’s passage of the Tax Cuts and Jobs Act, “I am very excited about the product we now have. Hardworking families I represent in Pennsylvania are going to benefit from this…”
The bill now moves onto the full Senate for consideration, where it will meet opposition.
Here are the full statements:
Washington, D.C –Today, Congressman Tom Marino (PA-10) voted in favor of H.R.1, the Tax Cuts & Jobs Act which passed the House of Representatives by a vote of 227-205.
This bill overhauls our nation’s tax code for the first time in 31 years by reducing the number of tax brackets, nearly doubling the standard deduction for individuals and couples, and providing tax relief at all income levels. This legislation maintains popular aspects of the tax code such as the mortgage interest deduction, the deduction for charitable contributions, and popular retirement savings options such as 401(k)s and Individual Retirement Accounts (IRAs). It also allows homeowners to write off the cost of state and local property taxes up to $10,000, expands the Child Tax Credit to $1,600, up from $1,000, and streamlines higher education benefits to help families better afford college and education. Importantly, the Tax Cuts and Jobs Act closes special-interest loopholes and eliminates deductions largely used only by high-income earners.
The corporate tax rate is reduced from $35%, the highest rate in the industrialized world, to 20%. This will allow US businesses to be more competitive globally and incentivize companies to bring jobs and higher wages to the US. The Tax Cuts and Jobs Act will deliver much-needed tax relief and fuel economic growth and bigger paychecks for generations to come.
Congressman Marino issued the following statement on the passage of the legislation:
“The tax system in this country is too complex, too burdensome, and has stalled our nation’s prosperity and wage growth. We need to get our economy moving again to maximize job creation by making America the most desirable country in the world for businesses to invest and thrive. The Tax Cuts and Jobs Act makes our tax code more fair and honest for hard-working middle-class families who today are struggling to keep up with rising costs.”
WASHINGTON – It’s been 31 years since the last significant reform to the tax code was undertaken. Today, the U.S. House of Representatives passed H.R. 1, the Tax Cuts and Jobs Act, by a vote of 227 – 205, marking another step forward towards tax cuts for the middle class and businesses. Congress Lou Barletta voted in favor of the legislation.
“This is historic. It’s been 31 years, but finally the House has shown the American people they are serious about getting Washington off the backs of middle class families,” Barletta said following passage. “For a generation, America has seen stagnant growth and dwindling opportunities. Wages have frozen, while the federal government has redirected more and more money out of the pockets of middle class Americans, and into the coffers of unelected Washington bureaucrats. Today, we signaled that the old way of doing business is over. The era of stagnation is coming to a close. I urge the Senate not to stand in the way of the hopes and dreams of millions of American families. No more obstruction. They should act immediately to provide relief for the middle class and small businesses.”
The Tax Cuts and Jobs Act provides significant relief for the workers and middle class families of Pennsylvania by simplifying and lowering rates for individuals, making America the global jobs magnate, and cutting red tape and taxes on small businesses, the backbone of our countries economy. According to estimates, under this legislation, over 39,000 new jobs would be created in the Commonwealth, and after-tax income for Pennsylvania’s middle class families would increase by approximately $2,600.
Specifically, this legislation provides significant relief to American families by doubling the standard deduction to $12,000 for single filers, and $24,000 for joint filers. The bill increases the child tax credit from $1,000 to $1,600 per child, preserves the Child and Dependent Care Tax Credit, and creates a new family flexibility credit providing $300 for each parent and non-child dependent to help all American families with their everyday expenses.
Further, H.R. 1 provides much needed relief to main street small employers by cutting the tax rate on hard-earned business income to a top rate of 25. Additionally, the bill provides a new, low tax rate of 9% for businesses earning less than $75,000 in income to help startups and mom and pop shops who fuel innovation and job creation in communities across the country.
Finally, the bill addresses the United States’ corporate tax rate, which is the highest in the developed world. H.R. 1 lowers the corporate rate from 35% to 20%, which will prevent American jobs from moving overseas. This bill eliminates the incentives put in place by the Obama Administration that now reward companies for shifting jobs, profits, and manufacturing plants abroad.
U.S. Senator Pat Toomey (R-Pa.) issued the following statement on the Senate Finance Committee’s passage of the Tax Cuts and Jobs Act: “I am very excited about the product we now have. Hardworking families I represent in Pennsylvania are going to benefit from this bill in two ways. First, they’re going to owe less to Uncle Sam because this bill will cut their taxes. The second way they will benefit is from the acceleration in economic growth we’ll have after making the industrialized world’s worst business tax code into one of the best. This bill will spur significant new investment, business expansion, and new business startups, leading to more jobs, higher wages, a better standard of living for more Pennsylvanians.
“Passage out of committee was a big step towards our goal of enacting pro-growth tax reform, and could not have been achieved without the steadfast leadership and guidance of Chairman Hatch. I look forward to moving this bill to the Senate floor soon so hardworking families get a big tax cut and American businesses are globally competitive once again.”
