releases: https://buchanan.house.gov/media-center/press-releases/house-oks-sweeping-middle-class-tax-cut
Data license: MIT · Data source: dwillis/congress-press
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| https://buchanan.house.gov/media-center/press-releases/house-oks-sweeping-middle-class-tax-cut | House OKs Sweeping Middle-Class Tax Cut | 2017-12-19 | 2017 | 2017-12 | Republican | House | FL | Vern Buchanan | B001260 | buchanan.house.gov | legacy | Relief for Students, Seniors and Small Businesses Includes Buchanans Bill to Aid Fla. Orange Growers WASHINGTON U.S. Rep. Vern Buchananvotedtoday to reduce taxeson middle-class families and small businesses across the country.The bill will cut taxes for 95 percent of Americans, according to the Tax Policy Center. TheTax Cut and Jobs Act,which passed the House 227-203,also included Buchanans bill to help Florida orange growers recover from the devastation of Hurricane Irma. This bill provides the tax relief that hardworking Floridians have needed for a long time, Buchanan said. The average family of four will receive ataxcut of more than $2,000 a year while small businesses will see a significant tax reductionthatallows them toexpand and create good-paying jobs. The billcuts marginal tax rates at every income level and nearly doubles thestandard deduction and the Child Tax Credit. It also benefits seniors byincreasingthe medical expense deduction for two years. An independent analysis by the nonpartisan Tax Foundation estimates the tax plan will create nearly 400,000 new jobsand grow the economy by nearly 2 additional percent.It would also contribute to a sorely-needed 1.5 percent increase in wages. Adjusted for inflation, wages have only risen 0.2 percent since 1973. Local small business owners in Southwest Florida heralded passage of the tax cut. In a letter to Buchanan, Caroline Wetherington highlighted what a tax cut would mean for her Sarasota construction business: Mr. Buchanan, I want you to know how much I am looking forward to tax cuts. We are a small Business in Sarasota FL. We make custom and semi custom homes - Lee Wetherington Homes. We are an S corp and with our current tax situation we have had to lay off employees and we would love to hire them back. PLEASE PLEASE VOTE FOR THE TAX REFORM BILL CURRENTLY BEING CONSIDERED. WE NEED THE RELIEF. Caroline Wetherington The National Federation of Independent Business (NFIB) alsoendorsed the legislation and praised Buchanans role in ensuring that small businessesgettax relief under the bill. NFIB is grateful to Congressman Vern Buchanan for his steadfast leadership on small business issues, saidJuanita Duggan, NFIB President & CEO.His sponsorship of theMain Street Fairness Actestablished the principle that tax reform should start with small business. That principle became one of the pillars of theTax Cuts and Jobs Act. Under this bill, small businesses will benefit from a new 20-percent deduction, meaning businesses making $200,000 a year in business income will not pay taxes on their first $40,000 in earnings. The tax reform package included Buchanan'sEmergency Citrus Disease Response Act, legislation to make it easier for orange growers to replace trees damaged by Hurricane Irma and the deadly citrus greening disease.The federal Agriculture Department unveiled a forecast last week predicting the worst orange crop in 73 years. Dean Mixon ofMixon Fruit Farmsin Bradenton said Irma took a serious toll on our community and the entire citrus industry is grateful that Vern is helping to provide the relief we so desperately need. Highlights of theTax Cuts and Jobs Actinclude: Doubles the Standard Deduction:Allows families to keep more of their own money by doubling the size of the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples. Doubles Child Tax Credits:Expands the current Child Tax Credit from$1,000 to $2,000 to help parents with the cost of raising children. The tax credit is also made refundable, which means that families that dont pay any income taxes will receive tax benefits. Expands and Preserves Key TaxRelief: Increasesthemedical expense deduction and preserves the student loan deduction. Specifically, the bill allows all taxpayers to write off qualifying medical expenses that exceed 7.5 percent of income over the next two years.The current threshold is 10 percent. The bill also expands the use of 529 savings accounts designed to help families save for future college costs. Simplifies the Tax Code:Americans spend billions of hours each year complying with a tax code that is five times as long as the King James Bible. This bill will allow 9 out of 10 Americans to file their taxes on a new form the size of a postcard. The tax bill nowmoves to the Senate where it is expected to be approved and signed into law later this week. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |