WASHINGTON, DC – Rep. Pete Olson (TX-22) today acted to deliver historic tax relief to hardworking Americans by voting for the first comprehensive overhaul of our nation’s tax code in 31 years. Olson voted for the Conference Report to H.R. 1, the Tax Cuts and Jobs Act, which will lower taxes, create more jobs and simplify the tax code for Americans. It passed the House by a vote of 227-203 and now heads to the Senate for consideration.
“Today is a great day for the American people,” Rep. Pete Olson said. “For too long, hardworking Americans have struggled to make ends meet because of our burdensome and broken tax code. With this reform, the typical family of four earning roughly $73,000 will get to keep $2,059 more of their hard earned money. These reforms will help create jobs and strengthen our economy so that American businesses can compete on the global stage. I want to thank my colleagues for their hard work, and for listening to the concerns of folks across the country so that we could make this bill even better for you, because it’s about time our tax code works for American families and businesses instead of against them. This bill will bring more American capital back from overseas to be invested here at home, strengthening our economy. I urge the Senate to quickly pass this bill so the president can sign it and we can deliver relief to all Americans.”
For individuals and families, the Tax Cuts and Jobs Act:
- Lowers individual taxes and sets the rates at 0%, 10%, 12%, 24%, 32%, 35%, and 37% so people can keep more of their hard-earned money.
- Significantly increases the standard deductionto protect roughly double the amount of what you earn each year from taxes – from $6,500 to $12,000 for individuals and $13,000 to $24,000 for married couples.
- Provides support for graduate students by continuing to exempt the value of reduced tuition from taxes.
- Provides relief for Americans with expensive medical bills by expanding the medical expense deduction for 2017 and 2018 for medical expenses exceeding 7.5 percent of adjusted gross income, and rising to 10 percent beginning in 2019.
For more information on the Tax Cuts and Jobs Act, please visit fairandsimple.gop.