Sen. Isakson: Tax Reform Will Strengthen America’s Future
Monday, December 18th, 2017
U.S. Senator Johnny Isakson, R-Ga., a member of the U.S. Senate Committee on Finance with jurisdiction over tax reform, released the following statement regarding the agreement reached between the U.S. Senate and U.S. House of Representatives on a final tax reform package:
“Now is the time for Congress to finally deliver after years of work to overhaul the outdated federal tax code that has held our economy back. Combined with the rollback of regulations by this administration, comprehensive tax reform will put America on a strong path that will allow us to compete in a global marketplace well into the future.
“With this bill, we are helping hardworking families and small businesses now and providing greater opportunities for future generations. I look forward to voting on this final tax bill soon to provide stronger economic growth, increased wages and a higher standard of living for Americans.”
Highlights of the final tax bill for individuals and families include:
· Cutting individual income tax rates across the board,
· Doubling the standard deduction, and
· Doubling the child tax credit.
For small businesses, the Tax Cuts and Jobs Act provides tax relief that will enable them to expand and create jobs.
Additionally, the legislation overhauls the U.S. corporate tax system by lowering rates and adopting new international tax rules similar to our trading partners. These changes will enable American companies to compete on a level playing field with the rest of the world while removing the incentive to move U.S. facilities and jobs overseas.
The Senate and House must each pass the final, bicameral, agreed to bill before it can be sent to the president to be signed into law. Both chambers are expected to vote on it before Christmas.