Reed Moves Tax Cuts Forward for Families
Tax Cut and Jobs Act passes out of Ways and Means Committee
WASHINGTON, DC- Tax cuts for western New York families are one step closer to reality after today. Congressman Tom Reed (R-NY) voted in favor of the Tax Cuts and Jobs Act, which successfully passed out of the Ways and Means Committee. Reed has been an outspoken supporter of the bill, which lowers federal taxes for 99 percent of taxpayers in New York’s 23rd District.
“Although the bill may be amended as it makes its way through the House and Senate, we must keep tax cuts moving forward for the American people. This is a once in a generation opportunity to ensure families in our region will be able to keep $1600 more of their hard earned dollars, rather than allowing the federal government to take it from them as it does today,” Reed stated. “This money means real things for real people. It’s appliance repairs for a family in Olean, a family trip to a Bills game, or gas so grandparents can visit their grandkids in Georgia.”
The bill cuts tax rates on middle and working class Americans, provides an increase to the child tax credit, creates a new family credit, and preserves the child and dependent care credit. At the same time, the legislation keeps the top income tax rate at 39.6 percent for the richest one percent of America.
“For far too long, New Yorkers have been saddled with one of the highest tax burdens in the country. I have heard the voices of those I represent, and it is clear that they deserve a tax cut. I work for the people of the Southern Tier, Finger Lakes, and Western New York and I will be sure their voices are carried to Washington,” Reed added.
The legislation also doubles the standard deduction, preserves the mortgage interest deduction, retains retirement savings options, and continues the deduction for state and local property taxes.
“This bill will also jumpstart job creation. When you create good paying, high-quality jobs, it creates hope and opportunity for hardworking folks for generations,” Reed observed.