WASHINGTON – Yesterday, Congressman Robert Pittenger (NC-09) voted “yes” on historic tax reform that, according to his office, will allow ordinary Americans to keep more of their paychecks, create jobs, raise wages, and encourage companies to do business in America.
“Are you tired of Uncle Sam picking your pocket?” asked Congressman Pittenger. “You shouldn’t need an army of lawyers and accountants to get special tax breaks. President Trump and I agree you deserve a tax code that builds a healthy economy and helps make America great again. Our legislation means more money in your paycheck, more support for middle class families, freedom for small businesses to expand, and more investment in American jobs.”
The Tax Cuts and Jobs Act (H.R. 1) yesterday passed the U.S. House of Representatives by a vote of 227-205.
According to an analysis by the U.S. Chamber of Commerce, the Tax Cuts and Jobs Act will:
- Lead to the creation of 29,264 jobs in North Carolina.
- Raise after-tax income for middle-class North Carolina families by $2,366.
- Increase the Child Tax Credit from $1,000 to $1,600 per child for the 55,106 taxpayers in North Carolina’s 9th District who claim the credit.
- Reduce taxes on the 67,743 small business owners in North Carolina’s 9th District, freeing up vital capital that can be used to expand and create jobs.
Additional highlights of the Tax Cuts and Jobs Act:
- Doubles the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
- Ends corporate welfare and eliminates the special interest deductions and carve outs that benefit the wealthy and well connected at the expense of middle-class Americans.
- Lowers the corporate tax rate from 35%, which today is the highest rate in the industrialized world, down to a competitive 20%.