Rep. Diane Black: Conservative tax reform is on the way
November 27, 2017
"Over the last several months, lawmakers in both chambers have laid the groundwork for historic tax reform. And it all started with the budget process, within the Budget Committee that I chair in the House of Representatives.
"Along with the president, Republicans in Congress clearly recognize that something must be done about the heavy tax burden weighing down hardworking Americans and holding back job creators. We also recognize the need to bring simplicity to the tax code.
"In our tax reform plan, we help low and middle-class Americans see more of their hard-earned paychecks by lowering tax rates and doubling the standard deduction for individuals and married couples. For an average middle-class family of four, that translates to nearly $1,200 off their taxes. We also establish a new Family Credit that raises the Child Tax Credit and introduces new credits for family members and other dependents. The tax code also becomes less confusing and less cumbersome, making it possible for most Americans to file their taxes on a simple post card.
"Our plan rightly provides tax relief for job creators, empowering entrepreneurs and small businesses to continue opening, operating and expanding. In my state of Tennessee alone, the nonpartisan Tax Foundation estimates the 'Tax Cuts and Jobs Act' will create 20,000 new jobs. And the average middle-class family will see a $2,200 increase in wages. This will provide a welcome jolt to the economy following the lackluster years under the Obama Administration.
"During my nearly seven years as a member of the House, Republicans have been committed to modernizing the federal government’s outdated and overly complicated tax system. This is the year we fulfill that promise to the American people."
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Budget and Spending Taxes