releases: http://paulsen.house.gov/index.cfm?sectionid=22&itemid=1937
Data license: MIT · Data source: dwillis/congress-press
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| http://paulsen.house.gov/index.cfm?sectionid=22&itemid=1937 | Paulsen Statement on Passage of Once-in-a-Generation Tax Reform | 2017-12-19 | 2017 | 2017-12 | Republican | House | MN | Erik Paulsen | P000594 | paulsen.house.gov | legacy | Washington, D.C. Congressman Erik Paulsen (MN-03) released the following statement regarding the historic passage of H.R. 1, the Tax Cuts and Jobs Act: Today marks a new beginning for hardworking, middle-income Americans who will be able to keep more of the money they earn, better provide for their families, and save for retirement, said Congressman Paulsen.Families and businesses across the country will no longer be held back by a broken, outdated tax code and can instead have hope in a prosperous future. Congressman Paulsen spoke on H.R. 1 on the House floor before passage of the bill, which can be seen here. The bill includes provisions that: Lower individual tax rates; Nearly double the standard deduction; Double the Child Tax Credit from $1,000 to $2,000 for each child; Preserve the mortgage interest deduction for current and future homeowners; Lower the top U.S. corporate tax rate from 35 percent to 21 percent; Modernize our international tax system so American money earned overseas is no longer taxed twice, but is brought back home to keep headquarters, manufacturing, jobs, and innovation in the U.S.; Deliver significant tax relief for Main Street small business with a first-ever 20 percent tax deduction that applies to the first $315,000 of income earned; Allow immediate expensing so companies can buy new equipment and software without complex depreciation schedules; and Protect the ability of small businesses to write off interest on loans. The finalized plan also includes two provisions authored by Congressman Paulsen. The first is the Empowering Employees through Stock Ownership Act. At many startup companies, employees are offered stock options or equity interest as part of their compensation. Currently, if employees exercise these options, they are required to immediately pay taxes often times before they may have the available cash to do so. As a result, these rank-and-file employees cannot afford to exercise their stock options and therefore miss out on a significant financial opportunity. This is a deterrent to many that wish to join a startup company. The Empowering Employees through Stock Ownership Act will help startup companies attract and keep top talent by allowing employees to defer the taxes on their stock options for five years when they are likely to have the funds necessary to make their tax payment. It also includes the Craft Beverage Modernization and Tax Reform Act, which modernizes the tax code and streamlines regulations for producers of craft beverages, cider, wine, and distilled spirits. It eliminates red tape by simplifying beer formulation approvals, simplifying beer recordkeeping and inventory rules, and allowing for the transfer of beer in bond to breweries. Additionally, it reduces administrative backlogs by ensuring proper funding for the Alcohol and Tobacco Tax and Trade Bureau (TTB). Congressman Paulsen, a champion of small business and advocate of free enterprise, entrepreneurship, and innovation, serves on the House Ways and Means Committee, the bicameral Joint Economic Committee, and is co-chair of the Congressional Medical Technology Caucus. For more information on Congressman Paulsens work in Congress visitpaulsen.house.gov. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |