| The Tax Cuts and Jobs Act |
This week, House Republicans unveiled the Tax Cuts and Jobs Act—a bold new bill to overhaul America’s overly complex and burdensome tax code for the first time in 31 years. With this legislation, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.
While I will continue closely reading and scrutinizing this legislation, I am fully committed to working with my colleagues and President Trump to ensure a strong, pro-growth tax relief bill is signed into law by the end of the year. For more details on the Tax Cuts and Jobs Act, please visit www.fairandsimple.gop.
Individuals and Families:
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• Lowers individual tax rates for low- and middle-income Americans to zero, 12 percent, 25 percent, and 35 percent
• Significant increases the standard deduction 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
• Establishes a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600.
• Preserves the Earned Income Tax Credit to provide important tax relief for low-income Americans working to build better lives for themselves.
• 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.
• Provides immediate relief from the Death Tax by doubling the exemption and repealing the Death Tax after six years.
• Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future.
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Job Creators:
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• Lowers the corporate tax rate to 20 percent – down from 35 percent, which today is the highest in the industrialized world. This will help American workers better compete with foreign workers, encourage expansion of American companies and enable paychecks to grow.
• Reduces the tax rate on the hard-earned business income of Main Street job creators to no more than 25 percent – the lowest tax rate on small business income since World War II.
• Allows businesses to immediately write off the full cost of new equipment to improve operations and enhance the skills of their workers.
• Preserves the Research & Development Tax Credit – encouraging our businesses and workers to develop cutting-edge “Made in America” products and services. |
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Babin: It's Long Past Time We End 'Diversity Visa Program'
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The “diversity immigrant visa lottery program” that allowed the NYC terrorist to enter the United States must come to an end. This program, which was created in 1992 by legislation from then-Rep. Chuck Schumer (D-NY), embodies the politically correct immigration policies that are literally getting Americans killed. It is unconscionable to me that anyone would put diversity and political correctness ahead of national security and the safety of American citizens. That’s why I have consistently worked to end this reckless program, including cosponsoring H.R. 1178. Only people who love America and can positively contribute to our society should be invited to live here. Our immigration system should be based on creating diversity through a lottery.
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| Snap-shots from the Week |
Enjoyed welcoming Rich and Darlene Pearson from Beach City, Texas to the U.S. Capitol. Here we are in front of the Sam Houston statue in National Statuary Hall.
The bronze Tyler County Courthouse bell came down for renovations last weekend. It has been in the courthouse tower since 1892. Enjoyed an up close look with County Commissioners Jack Walston, Martin Nash, former County Judge Jerome Owens and current County Judge Jacques Blanchette.
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