Walker Votes to Lower Taxes for Families and Businesses of North Carolina; Passes Final Version of the Tax Cuts and Jobs Act
WASHINGTON, D.C. – U.S. Representative Mark Walker (NC-06) today voted in favor of the Conference Report to Accompany of H.R. 1, the Tax Cuts and Jobs Act – keeping an important promise to overhaul our broken tax code and deliver on tax relief to the families and businesses of North Carolina. The Tax Cuts and Jobs Act passed the U.S. House of Representatives with a 227-203 vote.
"Here is what this historic vote means: At the beginning of next year, the hardworking families of North Carolina will finally see more money in their pockets," Walker said. “With this critical promise kept, we can proclaim that “the worker deserves his wages,” and that middle income families – not the government – are best equipped to make their own financial decisions. The passage of the Tax Cuts and Jobs Act helps us turn on the engines of economic growth in our communities, stop the government from overtaxing North Carolinians to prop up failed economic policies, and frees people from Obamacare’s erroneous individual mandate tax that punishes lower and middle income families for not buying health insurance they don’t want or cannot afford."
The legislation is expected to be taken up and approved by the Senate on the evening of Tuesday, December 19th, and then sent to the President's desk to be signed into law.
RELATED: Walker Delivers on Promise to Reform the Tax Code, Supports the Tax Cuts and Jobs Act
The Conference Report to Accompany of 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.
According to the House Ways and Means Committee, "with this bill, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059."
The Tax Cuts and Jobs Act will:
- Lower individual taxes and set the rates at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37% so people can keep more of their hard-earned money.
- Significantly increase the standard deduction to protect roughly double the amount of what you earn each year from taxes – from $6,500 and $13,000 under current law to $12,000 and $24,000 for individuals and married couples, respectively.
- Expand the Child Tax Credit from $1,000 to $2,000 for single filers and married couples to help parents with the cost of raising children.
- Eliminate Obamacare’s individual mandate penalty tax – providing families with much-needed relief and flexibility to buy the health care that’s right for them if they choose.
- This was an issue championed by Walker.
- 79 percent of those paying the Obamacare tax penalty make less than $50,000 a year.
- Lower the corporate tax rate to 21% (beginning Jan. 1, 2018) – 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.
- For small businesses, offer a first-ever 20% tax deduction that applies to the first $315,000 of joint income earned by all businesses organized as S corporations, partnerships, LLCs, and sole proprietorships. For Main Street job creators with income above this level, the bill generally provides a deduction for up to 20% on business profits – reducing their effective marginal tax rate to no more than 29.6%.
- Modernize our international tax system so America’s global businesses will no longer be held back by an outdated “worldwide” tax system that results in double taxation for many of our nation’s job creators.
- and Make it easier for American businesses to bring home foreign earnings to invest in growing jobs and paychecks in our local communities.
Recently, 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 here and 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."