HOUSE PASSES TAX OVERHAUL MEASURE
Washington, DC -- Describing it as a “once-in-a-generation” opportunity, Congressman Duncan Hunter (CA-50) today voted in favor of H.R. 1, the Tax Cuts and Jobs Act, when the measure passed the House by a margin of 227-205.
“This has been long overdue,” said Congressman Hunter. “I cannot think of a more important action we can take to invest in our economy, create jobs and promote business growth than cutting taxes for American workers and reforming a broken code. This bill lowers rates, protects families by creating new credits and deductions, eliminates the death tax, provides new resources for small businesses and installs a simpler process overall.
“This legislation is not perfect, no bill ever is. Frankly, I think we need to find better solutions to protect the adoption tax credit and to maintain the higher cap for the mortgage interest deduction, particularly here in California. These type of provisions promote families and home ownership. At the same time, we need this overhaul, and we need it now. I am proud that the House is supporting President Trump on this important effort; we would not be here without his direct involvement and leadership. I look forward to seeing what the Senate passes so we can keep working toward a final product that upholds the President’s vision of making America great again.”
The Tax Cuts and Jobs Act will provide direct benefits to the constituents of California’s 50th Congressional District. This includes:
- $2,000 in tax relief for the average middle class family in the 50th District as a result of increased standard deductions, expanded child tax credits, and lower tax rates;
- More than 82 percent of tax filers in the 50th District filing their taxes on a form the size of a postcard as a result of doubling the standard deduction and other simplifications;
- 53,741 taxpayers in the 50th District claiming the child tax credit, which increases from $1,000 per child to $1,600 per child;
- 99 percent of tax filers in the 50th District deduct less than $10,000 in property taxes and will see their property tax deductions fully protected;
- 55,310 taxpayers in the 50th District have small business income. H.R. 1 lowers taxes for small businesses allowing business owners to expand their businesses and hire more workers;
- Lower business taxes will result in more than 100,000 new jobs in California as a result of economic growth and increased investment. Nationwide, tax reform is expected to result in nearly 1 million new jobs, and increased wages of more than 3 percent.
H.R. 1 has been referred to the Senate for consideration.