Reps. Chuck Fleischmann, Scott DesJarlais and Tom Graves were among House members voting to pass the Tax Cuts and Jobs Act, described as historic legislation to reform the American tax code.
The bill passed the House with a vote of 227 to 205.
Rep. Fleischmann said, “Today the House of Representatives passed long overdue and sorely need tax reform legislation which will lead to families in Tennessee keeping more of their hard earned paychecks.“For example, a typical middle-income family in Tennessee will receive up to a $1,951 increase in income. Second, the Tax Cuts and Jobs Act establishes a new Family Credit and includes increasing the Child Tax Credit from $1,000 to $1,600. As a father of three, I know that raising a family can be expensive, and it is time we have a tax code that works with, not against, families.
"Tennessee is home to over 500,000 small businesses as well as international employers like Volkswagen, all of which will benefit from the Tax Cuts and Jobs Act. Currently, our corporate tax rate is 35 percent, the highest in the industrialized world. The plan passed today will reduce the corporate rate to 20 percent and the small business rate to 25 percent. The result of this business-centered tax reform will create thousands of jobs and make America more competitive on a global scale. That means more Tennesseans at work and a more prosperous Volunteer State.”
Rep. DesJarlais said, "Middle-class tax cuts passed the House of Representatives today. The Tax Cuts and Jobs Act, in addition to lowering Tennesseans’ tax bills, includes major business incentives that will grow jobs, workers’ income and the U.S. economy.
“The federal government is collecting more taxes than ever. The prior administration issued record pages of regulations, squeezing family businesses and the middle class, while Washington grew rich on government stimulus. Instead, lowering taxes will allow Tennesseans to keep more of their hard-earned money, to spend, save or invest as they like. Because of new financial incentives, more will form small businesses, our country’s economic engine, and American companies will return profits and jobs back home. The tools of success are in every person’s hands. We’re unshackling the power of American industry and ingenuity to ignite the economy, lagging for far too long."
Rep. Graves said, “One reason the American people elected President Trump and a Republican Congress is to cut taxes and help businesses create more American jobs. Our bill throws out the old system and creates a simpler, flatter and fairer tax code.
“It will put more money in the pockets of hard-working Georgia families and make the annual tax filing process a lot easier. In fact, the House Ways and Means Committee predicts the typical family could file their taxes on a form the size of a postcard.
“Additionally, the bill promotes economic growth and private-sector job creation by slashing the corporate tax rate – currently the highest in the developed world – and cutting tax rates for small business income to the lowest levels since World War II."