releases: https://www.cornyn.senate.gov/content/news/cornyn-passage-historic-tax-relief
Data license: MIT · Data source: dwillis/congress-press
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| https://www.cornyn.senate.gov/content/news/cornyn-passage-historic-tax-relief | Cornyn on Passage of Historic Tax Relief | 2017-12-20 | 2017 | 2017-12 | Republican | House | TX | John Cornyn | C001056 | www.cornyn.senate.gov | legacy | The men and women who are trying to make ends meet will benefit from lower taxes, bigger paychecks, and a resurgent economy that will produce more jobs and better opportunities. American families should not have to settle for anything less, and we'll make sure they don't. WASHINGTONU.S. Senator John Cornyn (R-TX) today spoke on the Senates passage of the Tax Cuts and Jobs Act, the first comprehensive tax reform in more than three decades. This legislation will increase the child tax credit, reduce taxes for middle-income Americans, and double the standard deduction. Excerpts of his remarks are below, and video is here. This bill will dramaticallyreduce taxes on Americanfamilies and incentivize thecreation of new jobs.This bill is a major victory forall Americans who want to knowthat Washington has their bestinterests at heart, and it doesexactly what we told voters wewould do in 2016. We're delivering tax reform in away that is real, comprehensive,and substantial, and we're doingit through what we usually referto as regular order here in theSenate. This tax reform may not bear theribbons and bows of a Christmaspresent, but the men and womenwho are trying to make ends meetwill benefit from lower taxes,bigger paychecks, and aresurgent economy that willproduce more jobs and betteropportunities. American families need moretake-home pay.They need the higher wages.They need greater jobopportunities.And they need a competitiveeconomy and the benefits thatbrings.American families should nothave to settle for anythingless, and we'll make sure theydon't. I can'twait to hand deliver to thePresident's desk this importantbill this week and for him tosign it into the law.We will all benefit from passageof this Tax Cuts and Jobs Act. What the Bill Means for Taxpayers: For a Typical Family of Four: The typical family of four earning the median family income of $73,000 will receive a tax cut of $2,058, a reduction of nearly 58 percent. For a Single Parent Earning $41,000 per Year: A single parent with one child and an annual income of $41,000 will receive a tax cut of $1,304.50, a reduction of nearly 73 percent. For Married Small Business Owners with an Income of $100,000: A married couple who are small business owners and earn $100,000 per year will receive a tax cut of $2,603.50, a reduction of nearly 24 percent. The Tax Cuts and Jobs Act: Puts Money Back in Texans Pockets: This bill lowers individual tax rates to 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It doubles the standard deduction so that the first $12,000 earned by an individual and the first $24,000 earned by a married couple are not taxed at all. Helps Texas Families: This bill doubles the Child Tax Credit from $1,000 to $2,000 to help single and married parents with the cost of raising children. This credit is fully refundable up to $1,400. It preserves the Adoption Tax Credit and the Child and Dependent Care Tax Credit to help families open their homes to adopted children and care for older dependents who need support. Promotes Education and Charitable Giving: This bill helps families and individuals save for education by allowing Texans to use 529 accounts to save for elementary, secondary, and higher education. It continues to support graduate students with the exemption of the value of reduced tuition from taxes. It preserves the deduction for charitable donations to continue to incentivize and make it easier for families to give to charity. Lightens the Burden of Health Care Costs: This bill expands the medical expense deduction for medical expenses exceeding 7.5 percent of adjusted gross income, and rising to 10 percent in 2019. It repeals Obamacares individual mandate so families arent penalized for not purchasing health care they dont want or cant afford. Preserves the Property Tax Deduction: This bill allows taxpayers to continue to write off up to $10,000 in state and local taxes including property taxes and sales taxes for Texans. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |