Dr. Bucshon Votes in Favor of Tax Relief for All Hardworking Americans
(Washington, D.C.) – Congressman Larry Bucshon, M.D. (IN-08) released the following statement after voting for the Tax Cuts & Jobs Act (H.R. 1):
“Our tax code is broken. Hardworking Hoosier taxpayers are being unfairly punished with a tax code that has become too costly, complex, unfair and is full of loopholes and special interest tax breaks that rewards the well-connected. Instead, we need a tax code that encourages the growth of American jobs, American wages, and American taxpayers. The Tax Cuts and Jobs Act will do just that, delivering a simpler, fairer, and flatter tax code.
“The Tax Cuts & Jobs Act will help Hoosier families by lowering all federal income tax rates, significantly increasing the standard deduction by doubling it to $12,000 for individuals and $24,000 married couples, and expanding the child tax credit from $1,000 to $2,000. Under this proposal, the typical family of four will see a tax cut of $2,059. Additionally, American businesses will see a lower corporate tax rate of 21% - the lowest rate since 1940, the ability to write off the full costs of new equipment, and a new rate structure for smaller and medium sized businesses organized as S corporations, partnerships, LLCs, and sole proprietorships.
“It has been 31 years since the tax code has been reformed and today’s status quo does not put hardworking Americans first. Millions of hardworking Americans have been struggling for far too long to earn a living and get ahead. The Tax Cuts and Jobs Act will give hardworking taxpayers and job creators the biggest boost this country has seen in a generation, resulting in a healthy economy here at home with increasing job creation, rising wages, and more money in the paychecks of Americans. This will enable millions of Americans to keep more of their money to save, invest, or spend and achieve their version of the American Dream.”
Policy Highlights can be found HERE.
H.R. 1 Tax Cuts and Jobs Act can be found HERE.