Ken Calvert

Press Releases

Rep. Calvert Votes for Historic Tax Relief for American Taxpayers and Job Creators

Republican Congress Passes Once in a Generation Legislation

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Washington, D.C., December 19, 2017 | comments

Today, Congressman Ken Calvert (CA-42) voted along with a majority (227 to 203) of the House of Representatives to approve the Tax Cuts and Jobs Act conference report.

 

“With the House passage of the Tax Cuts and Jobs Act we are on the verge of enacting the most pro-growth tax policy our country has seen in decades,” said Rep. Calvert.  “Lower taxes, more jobs, and higher wages are on the way. Congress listened to the concerns voiced about the original bill and we produced an even better bill.  I am confident that our economy is now poised for tremendous growth thanks to the passage of the Tax Cuts and Jobs Act. As soon as next month, Americans will see and feel the impact of this bill by having more money in their paychecks."

 

“It has been 31 years since President Ronald Reagan signed our last sweeping tax reform bill into law. Over time, the tax code once again became muddled with special interest deductions and credits.  We have had time to evaluate the benefits of each provision wedded in to the code, and I believe the bill considered today is a monumental step forward in cleaning out the tax code and creating a more fair system that will achieve the growth our economy experienced after the Reagan tax reform."

 

“I was proud to support one of the most consequential pieces of legislation that I have had the opportunity to vote on in my career. This legislation provides a direct path to higher wages and more jobs.  The reduction of the corporate tax rate will bring jobs back to America and unleash the untapped potential of our entrepreneurs.”

 

“I look forward to the President signing this legislation before the end of the year, allowing constituents in my district to reap the benefits beginning January 1, 2018.”

 

According to the independent Tax Foundation, the Tax Cuts and Jobs Act will lead to an estimated 1.7 percent increase in GDP over the long term, 1.5 percent higher wages, and an additional 339,000 full-time equivalent jobs throughout the nation.

 

It is estimated that 9 in 10 Americans will find it more beneficial to take the standard deduction, saving time and money on tax preparation and leaving more money in the pockets of Americans.

 

The Tax Cuts and Jobs Act will provide tax relief to Americans by:

  • Lowering individual tax rates for all income levels so people can keep more of their hard-earned money.

     

  • Nearly doubling the standard deduction to protect more of your annual earnings from being subject to taxation.  The law increases the standard deduction for individuals from $6,500 to $12,000, and for married couples from $13,000 to $24,000.

     

  • Expanding the Child Tax Credit from $1,000 to $2,000. The tax credit is fully refundable up to $1,400 and the income threshold at which the tax credit begins to phase out has been raised which means more families will qualify.

     

  • Continuing to allow people to write off the cost of state and local taxes – up to $10,000. Gives individuals and families the ability to deduct property taxes and income, or sales, taxes whichever best fit their personal circumstances.

     

  • Preserving the mortgage interest deduction for current and future homeowners.
    • For all homeowners with existing mortgages that were taken out to buy a home, there will be no change to the current mortgage interest deduction.
    • For homeowners with new mortgages on a first or second home, the home mortgage interest deduction will be available up to $750,000.

 

The Tax Cuts and Jobs Act will provide a tremendous boost to our economy by:

  • Allowing businesses to immediately write-off the full cost of new equipment to improve operations and enhance the skills of their workers – unleashing growth of jobs, productivity, and paychecks.

     

  • Lowering the corporate tax rate, which today is the highest in the industrialized world, to a more globally competitive rate.

     

  • Delivering significant tax relief to Main Street job creators by offering a first-ever 20% tax deduction that applies to the first $315,000 of joint income earned by all businesses organized as S corporations, partnerships, LLCs, and sole proprietorships.

     

  • Modernizing our international tax system so America’s global businesses will no longer be held back by an outdated “worldwide” tax system that results in double taxation for many of our nation’s job creators.

     

  • Making it easier for American businesses to bring home foreign earnings to invest in growing jobs and paychecks in our local communities.

     

  • Preventing American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad.

 

 

For more information on the Tax Cuts and Jobs Act please visitwww.fairandsimple.gop.

 

 

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