Walker Delivers on Promise to Reform the Tax Code, Supports the Tax Cuts and Jobs Act
WASHINGTON, D.C. – U.S. Representative Mark Walker (R-N.C.) today voted to reform the federal tax code and provide tax relief for lower and middle income families by supporting H.R. 1, the Tax Cuts and Jobs Act – which passed the U.S. House of Representatives with a 227-205 vote.
"For decades, working families in North Carolina have faced stagnant wages and a broken, complicated tax code that harms the growth of our economy and our communities," Walker said. "Today, we kept an important promise to the voters in delivering an overhaul of our broken tax code and bringing tax relief to millions of lower and middle income families. The hardworking families of our state need and deserve these tax cuts.”
Walker also released the following video with information about how the Tax Cuts and Jobs Act will impact the families and small businesses of North Carolina and North Carolina's 6th congressional district.
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The Tax Cuts and Jobs Act:
- Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35% so people can keep more of the money they earn throughout their lives, and continues to maintain 39.6% for high-income Americans.
- Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes – from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
- Eliminates special-interest deductions that increase rates and complicate Americans’ taxes – so an individual or family can file their taxes on a form as simple as a postcard.
- Takes action to support more American families by:
- Establishing a new Family Credit – which includes expanding the Child Tax Credit from $1,000 to $1,600 to help parents with the cost of raising children, and providing a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.
- Preserving the Child and Dependent Care Tax Credit to help families care for their children and older dependents such as a disabled grandparent who may need additional support.
- Preserves the Earned Income Tax Credit to provide important tax relief for low-income Americans working to build better lives for themselves.
- Streamlines higher education benefits to help families save for and better afford college tuition and other education expenses.
- Continues the deduction for charitable contributions so people can continue to donate to their local church, charity, or community organization.
- Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000 – providing tax relief to current and aspiring homeowners.
- Continues to allow people to write off the cost of state and local property taxes up to $10,000.
- Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future.
- Lowers the corporate tax rate to 20% – down from 35%, which today is the highest in the industrialized world – the largest reduction in the U.S. corporate tax rate in our nation’s history.
Thursday morning, Walker gave a speech on the floor of the U.S. House of Representatives to speak in support of the legislation. You can watch the video above and read the transcript below:
"Thank you Mr. Speaker. Today is not just about tax reform. Today is also about what we fundamentally believe as a nation. Today, we say working class families, not the government, are best equipped to make financial decisions. Did we hear anything from our Democrat friends for nearly eight years about lowering taxes on lower and middle income? We did not.
"For the first time since 1986, we are going to overhaul our broken tax code. Here is what that means for families in North Carolina: Middle income families will see more than a $2,300 increase in their take home pay. The Tax Cuts and Jobs Act means more than 30,000 new jobs in North Carolina.
"I am encouraged that our Senate colleagues have also decided to include the Obamacare individual mandate repeal, and would urge our House conference to consider it as well.
"Last, I would like to thank Chairman Brady. There is no greater servant in the United States House. Thank you to his work and to his team.
"Today, we keep our promise. It’s time to move forward.
"I yield back."