Rep. Kustoff on Final Passage of Tax Reform
“This is a Historic Moment for Hard-working West Tennesseans as We Cut Taxes at Every Income Level”
Washington, D.C. – U.S. Representative David Kustoff (TN-08) today released the following statement after the House and Senate passed the conference report to the Tax Cuts and Jobs Act (H.R. 1). This bill will now be delivered to President Donald J. Trump's desk for his signature.
"This is a historic moment for hard-working West Tennesseans as we cut taxes at every income level," said Congressman Kustoff. "Tax reform is heading to President Trump's desk for his signature, which will grow the American economy and lead to better jobs and bigger paychecks in 2018. When our bill becomes law, the average family of four making a median income will see a tax cut of at least $2,000. Finally, our tax code will benefit the American people and not Washington special interests."
According to the Joint Committee on Taxation, a family of four making around $73,000, the median income in America, will see a tax cut of at least $2,000. The Tax Cuts and Jobs Act repeals the Obamacare individual mandate penalty tax and will expand the deduction for medical expenses. This legislation also doubles the standard deduction, so a family will pay zero taxes on their first $24,000 earned.