Washington, D.C. – In a historic vote today, the U.S. House of Representatives passed the largest tax reform package in over 30 years.
H.R. 1, the Tax Cuts and Jobs Act, is aimed at “creating more jobs, fairer taxes and bigger paychecks.”
Experts say the bill would create over half a million new, full-time jobs across the nation, an increase in after-tax incomes and a higher GDP over the long term.
The measure passed the House by a vote of 227 – 205.
Rep. Mike Johnson (LA-04) has been a longtime advocate for tax reform and voted in favor of this bill.
“For too long, hardworking Americans have suffered under oppressive tax policies that cater to special interests rather than families, wage earners and small businesses. Today, the House passed the largest tax reform package in over 30 years to ensure the people of this country receive the relief they so desperately need and deserve. This is the beginning of a new era for America – one of economic prosperity and stability. With this vote, Congress is one step closer to delivering on our promise to the American people, and I urge my colleagues in the Senate to help us finish this important task.”
Johnson said in a press release that the Tax Cuts and Jobs Act creates a “fairer, simpler tax code by consolidating seven tax brackets into four and doubles the standard deduction to allow families to keep more of their hard-earned dollars. The legislation puts American families first by creating a new family tax credit, repealing the death tax, preserving the adoption tax credit and increasing the current child tax credit.”