Garrett Praises Passage of Historic Tax Reform Legislation

Statement

This afternoon, Congressman Tom Garrett (R-VA05) voted in favor of H.R. 1, the Tax Cuts and Jobs Act. The bill passed the House of Representatives by a vote of 227 to 205:

"With this legislation, we now move one step closer to delivering the most transformational tax overhaul since I had a full head of hair and weighed 120 pounds. But, make no mistake, this bill is not about Congress, and it's not about the President -- it's about growing our economy and creating a simpler and fairer tax system that allows hard-working Americans to keep more of their own money."

"Americans have waited 31 years for a fairer, simpler, and better tax system. This legislation gives us that and will create jobs and opportunity."

"I fully expect the Senate to deliver bold, pro-growth, pro-family tax reform and look forward to working through the bills to ensure that the Federal Historic Tax Credit is included in the final version of the bill."

Background: H.R. 1, the Tax Cuts and Jobs Act simplifies the tax code so that Americans can file their taxes on a form as simple as a postcard. This legislation lowers individual tax rates for the low-income and middle-income brackets to zero, 12 percent, 25 percent, and 35 percent so that average Americans can keep more of their hard-earned money, while the high-income bracket rate of 39.6 percent is maintained. This bill also doubles the standard deduction to $12,000 for single filers and $24,000 for married filers, and it limits the maximum rate for small and family-owned businesses to 25 percent. With this bill, a typical middle-income family of four, earning the median household income of $59,000, will receive a $1,182 tax cut.

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