Collins Applauds Tax Reform Legislation
WASHINGTON, DC – Congressman Chris Collins (NY-27) applauded legislation to update our nation’s tax code that was released today by House Ways and Means Chairman Kevin Brady. Collins cited the fact that this legislation will provide tax relief to hardworking families across America, create jobs, and grow our nation’s economy.
“Passing comprehensive tax reform will be one of the most important accomplishments we will see under President Trump,” said Collins. “Making America more competitive on the world stage will truly make America Great Again and allow more Americans to achieve the American Dream. Our nation is struggling and we need to fix the broken, outdated tax system that has burdened hard-working individuals and has crushed our economy.”
The plan outlined by House Republicans will strengthen the American middle class by doubling the standard deduction, and for those who want to itemize deductions to continue to write off property taxes, mortgage interest, and charitable contributions. The legislation also reduces rates for middle class Americans, eliminates the Alternative Minimum Tax (AMT) and enhances the Child Tax Credit.
“Tax reform is essential in order to grow our economy for our children and grandchildren’s generations,” said Collins. “I am confident that we will get this bill to President Trump’s desk and will see explosive economic growth.”
The framework puts America’s corporate tax rate below the average of other industrialized countries and promotes greater investment in American manufacturing. Collins supports reducing the minimum tax rate for small businesses and corporations in order to increase American competitiveness, create jobs and grow the nation’s economy.
For more information on H.R. 1, Tax Cuts and Jobs Act, click here.