House Approves Middle-Class Tax Relief
WASHINGTON – The House of Representatives this afternoon approved the House-Senate Conference Report for H.R. 1, the Tax Cuts and Jobs Act. Congressman Patrick Meehan (R-Pa.), a member of the House Ways and Means Committee, issued the following statement after the vote:
“This bill brings needed tax relief to middle-class families,” said Congressman Meehan. “It doubles the standard deduction, meaning the first $24,000 a married couple earns will be tax free. It lowers rates overall and it doubles the size of the child tax credit. The end result will be a lower tax bill for the vast majority of middle-class taxpayers.”
“Importantly, the compromise reached between the House and Senate preserves deductions for state and local property or income taxes, mortgage interest, and charitable contributions. I’m particularly pleased that this bill preserves and makes more generous the deduction for medical expenses – so important to many Pennsylvania seniors with expensive medical bills. It also repeals Obamacare’s harmful ‘individual mandate’ tax, which disproportionally hits working families. In Pennsylvania, 83% of taxpayers hit by the individual mandate penalty earned less than $50,000 a year.”
“This legislation doesn’t just mean more money in the pockets of middle class families. It means more jobs, too. It’s the most significant revamp of our broken business tax code in decades, and it will bring thousands of jobs back to our shores from overseas. It also gives small businesses a tax cut. One study, by the nonpartisan Tax Foundation, indicates the bill will generate more than 13,000 jobs in Pennsylvania.”
An analysis of the legislation released this morning by the left-leaning Tax Policy Center found that more than 80% of tax filers will receive a tax cut next year – a cut, on average, of almost $1,600.
“Our tax code today is broken. Pennsylvania taxpayers spend too much time and money each year struggling to comply with a tax code that doesn’t work for them. Taxpayers will be able to decide how to spend more of what they earn instead of sending it to Washington. Their tax bill will be lower and for many, paying it will be far simpler. It’s a good deal for working families across Pennsylvania,” Meehan said.
The Senate is expected to vote on the measure tonight.