Collins Votes for Historic Tax Reform Legislation
WASHINGTON, DC – Congressman Chris Collins (NY-27) today voted to dramatically reform the nation’s tax code. H.R. 1, Tax Cuts and Jobs Act, will provide tax relief to families across Western New York and spark business investment, hiring, and wage growth. Based upon census data, the average family in the 27th Congressional District will pay $1,875 less in taxes allowing them to keep more than $150 each month.
“While the liberal left has relied on fake news and deceptive studies in a failed attempt to derail tax reform, I’m proud to have joined House Republicans in fighting for working families in New York and across the country,” said Collins. “This tax reform bill means lower taxes, more jobs, and higher wages for the hard-working families in Western New York.”
Currently the United States has the highest corporate tax rate in the industrialized world driving jobs and profits overseas instead of keeping them in America. The Tax Cuts and Jobs Act will lower the corporate tax rate from 35% to 21%, which will be the largest reduction of this rate in our nation’s history. Additionally, the legislation lowers the tax rate on small businesses and provides incentives for these businesses to grow and hire more workers.
For individuals and families, the legislation lowers tax rates so people can keep more of their paychecks. The plan doubles the standard deduction, which means many families will no longer itemize their taxes. For those that choose to itemize, they will be able to write off the cost of state and local taxes up to $10,000, mortgage interest, charitable contributions, and expensive medical bills.
Republicans in Congress have doubled the child tax credit from $1,000 to $2,000. The legislation preserves dependent care credits for children and adults that need additional support. By repealing the individual mandate tax penalty, families gain the flexibility to buy the health insurance plan that is right for them.
Collins added: “This is a historic moment for workers, families, and job creators in Western New York. House Republicans have passed a once-in-a-generation tax reform bill that will ease the tax burden on Americans from all walks of life. This legislation will revitalize the American economy, allowing us to compete with other industrialized nations and win.”