Senate passes historic tax reform bill that lowers tax rates, puts more money in people’s pockets
Washington, D.C. – The Senate passed the Tax Cuts and Jobs Act today, which lowers tax rates on average for Americans in every tax bracket. U.S. Senator Mike Enzi, R-Wyo., praised the passage of the bill and said it will boost the economy, create jobs, simplify the tax code and provide meaningful tax relief to hardworking Americans.
“This tax reform bill has been years in the making. After more than 70 hearings on taxes and an open legislative process, we have a bill before us that will bring relief to millions of Americans,” Enzi said. “This important pro-growth tax reform bill will put money back in the pockets of middle-class families and make our country globally competitive. This legislation is truly about making a better future for our country. It is rooted in the ideal that Americans, not the federal government, know best how to spend their hard-earned money.”
According to a preliminary analysis by the Tax Foundation, the bill, as passed by the Senate Finance Committee, would create 1,796 jobs in Wyoming and raises after-tax income for middle-income families in Wyoming by an average of $2,544. Enzi said senators made some changes to the bill while it was being considered on the Senate floor, but he believes job opportunities and the incomes of most Wyoming families would be significantly increased under the tax proposals.
“I believe this bill will not only give a financial boost to most American families, but it would put our country in a better position financially as we see the economic gains I believe this legislation will make possible, especially if we enact sensible federal spending restraints,” Enzi said.
The bill also included a provision to open up a small area of the Arctic National Wildlife Refuge for oil and gas exploration and development.
The Senate Tax Cuts and Jobs Act:
· Lowers taxes on average in every income group.
· Doubles the standard deduction.
· Doubles the child tax credit to $2,000.
· Provides tax relief for more than 41,000 taxpayers who own small businesses in Wyoming, according to the U.S. Chamber of Commerce.
· Scales back the estate tax.
· Repeals the Obamacare individual mandate, which in Wyoming mostly affects people making less than $50,000 a year.
· Doubles the deduction for educator expenses.
· Maintains a waiver for graduate students’ tuition.
· Encourages American companies to create jobs and invest in the U.S.
· Levels the playing field for U.S. companies in the global marketplace.
· Those making more than $100,000 would pay 78.8% of the federal income taxes under the proposal, according to the Joint Committee on Taxation.
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