releases: https://mckinley.house.gov/news/documentsingle.aspx?DocumentID=1199
Data license: MIT · Data source: dwillis/congress-press
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| https://mckinley.house.gov/news/documentsingle.aspx?DocumentID=1199 | McKinley Votes for Historic Tax Reform | 2017-12-19 | 2017 | 2017-12 | Republican | House | WV | David McKinley | M001180 | mckinley.house.gov | legacy | Today, the House passed the final version of H.R. 1, theTax Cuts and Jobs Act, which was negotiated by a joint House and Senate conference committee. This bill makes Americas tax system fairer, simpler and lowers taxes on the middle-class. The final bill includes several provisions championed by Congressman David B. McKinley, P.E., (WV-1). This is a historic moment for the American people. It has been 31 years since we updated our burdensome tax code. This reform will bring some much-needed relief to the middle-class, remove special interest loopholes, lower rates, double the standard deduction (which over 80% of West Virginians currently use), double the child tax credit, and make the tax code simpler, said McKinley. Take for example the average married couple in West Virginia who make $42,000 a year. Under the old tax system, they wouldve paid $3,398 in taxes. Under this new plan, they will pay just $1,800. Thats a savings of almost 50%, which will be huge for West Virginia tax payers, added McKinley. Throughout this process, we pushed to make sure our priorities were included. We did not take our eye off the ball. In so doing, we successfully maintained the Historic Preservation Tax Credit, education credits that will make college more affordable, credits for clean coal research, and successfully removed provisions that would cost local jobs, McKinley said. Background TheTax Cuts and Jobs Actdelivers on the promises made by Congressional Republicans and President Trump to lower middle-class tax rates and open the door for more private sector job creation. TheTax Cuts and Jobs Act: Lowers individual tax rates for low- and middle-income Americans to Zero, 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Doubles the standard deductionfrom $6,500 to $12,000 for individuals and $13,000 to $24,000 for married couples. Average middle-class family of four will save $2,059 per year on taxes. West Virginia will see a $1,685 increase in median household income. Expands the Child Tax Creditfrom $1,000 to $2,000 to help parents with the cost of raising children. Preserves the home mortgage interest deductionfor existing mortgages and maintains the credit for newly purchased homes up to $750,000. Retains popular retirement savings optionssuch as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future. Eliminates Obamacares individual mandate, providing families with much-needed relief and the flexibility to buy the health care thats right for them. Provides relief for Americans with expensive medical billsby expanding the medical expense deduction for 2017 and 2018 for medical expenses exceeding 7.5% of adjusted gross income, and rising to 10% beginning in 2019. Provides support for graduate studentsby continuing to exempt the value of reduced tuition from taxes. Lowers the corporate tax ratefrom 35% to 21%, opening the door for private sector job growth. Makes it easier and far less costly for American businesses to bring home foreign earningsto invest in creating jobs and increasing paychecksin our local communities. McKinley successfully worked with House leadership to ensure that the tax reform package retains the Historic Preservation Tax Credit, critical clean coal research credits, higher education credits and a full repeal of the corporate alternative minimum tax. For more information about our releases, please contact (202) 225-4172 | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |