WASHINGTON, D.C. – U.S. Representative Mark Walker (R-N.C.) today issued the following statement after the release of the "Tax Cuts and Jobs Act," the House Republican tax reform plan:

“It is imperative that we deliver on our promise to reform our broken tax code, and I look forward to helping ensure Congress keeps its word to the people of North Carolina. This tax reform bill reaches past the lowest common denominator and towards a consensus around pro-worker and pro-family conservative ideas. Washington will fight this reform, desiring to keep the carveout-laden status quo, but conservatives will prevail and produce a final bill focused on prosperity and growth for all in our community.”

H.R. 1, the Tax Cuts and Jobs Act, can be read in full here, and a policy summary of the bill can be read here. With this bill, a typical middle-income family of four, earning $59,000 a year (the median household income), will receive a $1,182 tax cut. 
 

According to the House Ways and Means Committee, the Tax Cuts and Jobs Act will:

• 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.