Posted on December 2, 2017
Says doubling standard deduction and child care tax credit will help middle income families; Lower business rates will create jobs and keep companies from moving overseas
WASHINGTON, December 2, 2017 – U.S. Senator Lamar Alexander (R-Tenn.) today voted for the Senate’s tax reform bill, saying it will help create more good-paying jobs for Tennessee families and keep more money in Tennesseans’ pockets.
“Today, the Senate took a critical step toward reducing taxes. This is good for Tennesseans’ family incomes in two ways,” Alexander said. “First, middle-income tax cuts will leave more money in the pockets of Tennesseans — the standard deduction and child care tax credit are doubled. On average, wealthy Americans will pay a slightly higher share of federal income taxes, and middle income Americans will pay a smaller share. Second, taking the handcuffs off job creators will grow the economy. Our corporate taxes rates have been among the highest in the world, driving 4,700 American companies overseas during the past ten years to take advantage of lower tax rates. This bill lowers corporate rates from 35% to 20%-- about the worldwide average-- and allows immediate expensing of capital investment, which will create jobs and raise wages. The law will help increase the anemic annual 1.9% growth in Gross Domestic Product (GDP) that our country has been experiencing and will produce more federal revenues to reduce the national debt.”
Alexander continued, “Now the Senate and House can work together on our different bills to send to the President legislation that can become law before the end of the year.”
The U.S. Senate passed its tax reform bill today, and the U.S. House of Representatives introduced its tax reform legislation on November 2 and passed it on November 16. The House and Senate will now work together to come to an agreement on the two different versions of the bill. The House and Senate can then send a final bill to the president’s desk so it can be signed into law.