House Approves The Tax Cuts and Jobs Act
Joint deduction nearly doubled to $24,000 – up from $12,700 – nearly 82% of PA-05 filers will see immediate benefit
WASHINGTON – Today, the House approved H.R. 1, the Tax Cuts and Jobs Act, which challenges the status quo and simplifies the tax code.
U.S. Representative Glenn ‘GT’ Thompson spoke on the House Floor this morning in favor of the measure.
Rep. Thompson’s full remarks are below:
I rise today to encourage my colleagues to support the Tax Cuts and Jobs Act.
For the first time since 1986, there is a real opportunity to challenge the status quo and simplify the tax code.
For the nearly 82 percent of taxpayers in Pennsylvania’s 5th Congressional District who file jointly under the standard deduction, they see that nearly doubled to $24,000 dollars– up from $12,700 dollars.
According to the IRS, 18 percent of taxpayers in the 5th District choose to itemize their tax returns averaging about $21,000 in deductions.
Doubling the standard deduction means that low- and middle-income families, who have been struggling for a long time, will see their tax burden lowered.
This proposal truly strives to help families keep more of their hard-earned paychecks.
And today, we have a once-in-a-generation opportunity that we cannot afford to pass up.
More jobs. Fairer taxes. Bigger Paychecks.
The American people deserve no less. I encourage my colleagues to support this bill.
Thank you. I yield back.