Rep. Comstock Statement On The Tax Cuts and Jobs Act
Washington, D.C. - Today, Congresswoman Comstock voted in favor of H.R. 1, the Tax Cuts and Jobs Act and issued the following statement about the first major tax reform legislation since 1986:
“After working for weeks with my colleagues, and listening to my constituents about ways to improve the House Tax Cuts and Jobs Act, I supported moving the bill forward today as the next step to bringing tax cuts to hardworking taxpayers and businesses and creating a healthy economy that allows American workers to compete and win. The status quo is driving businesses and jobs away and we have to modernize our tax code to meet the challenges of our innovative 21st century economy.
“This bill will jumpstart businesses of all sizes and get wages rising again and put more money in the paychecks of our constituents and provide more opportunity for all. The legislation simplifies the individual rate structure, reducing from seven brackets to four, and doubles the standard deduction for non-itemizers. The 401(k) and the charitable deductions provisions in the tax code remain to protect and promote savings for retirement and the AMT tax is completely eliminated, which currently affects tens of thousands in the 10th District.
“I am also pleased that this tax reform package included our hard fought provisions to increase the child tax credit from a current $1,000 that phases out currently at $110k to an increased $1,600 per child tax credit that goes up to $230k for families. The bill also provides an additional $600 credit for parents which means a total of $3800 tax credit for a family of four (2 parents, 2 kids). This bill also preserves the important Child and Dependent Care Tax Credit to help two earner families care for children and older dependents such as disabled grandparents. The adoption tax credit is also maintained in this bill.
“The process still continues. The critics oppose tax reform without providing alternative or detailed solutions, while wages stagnate and innovation and opportunities are slowed down. I will continue to work to improve this bill as it proceeds through the process – in particular my concerns and those of my constituents about state and local tax deductions and the need for more support for home owners and those who will still itemize under a new system. In the House bill we were able to preserve property deductions up to $10,000 for taxpayers who itemize but we still need to do more in revising provisions that will get more tax relief to individual taxpayers. We also need to provide more support for our small businesses so that all will benefit from updating our tax code for the first time in 30 years.”