Reed Champions Tax Cuts for Families and Businesses
Historic Tax Reform Bill Passes the House
WASHINGTON, DC- Today, Congressman Tom Reed (R-NY) voted in favor of the Tax Cuts and Jobs Act. The House voted to deliver historic tax relief, which will help working families and unleash our economy. Our new tax code will make it easier for people to build again, dream again.
“Hardworking New Yorkers deserve tax relief,” Reed stated. “This bill ensures families across the Southern Tier, Finger Lakes, and Western New York will be able to keep $1600 more of their hard earned dollars. This is a win for our region.”
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.
“This is also a tax cut for main street. For decades, we’ve prevented our small businesses from being able to grow. Tax reform will provide major relief to all small businesses so they can reinvest their money, grow, and create jobs,” Reed added.
The Tax Cut and Jobs Act reduces the tax rate on the smallest pass-through businesses to 9 percent while ensuring small businesses will not see a tax rate of more than 25 percent. It is supported by groups including NFIB, U.S. Chamber of Commerce, American Farm Bureau Federation, National Association of Manufacturers, and many others.
“Monofrax is more than just a small business, it is 184 families and has been in this community for almost 70 years. Reducing our tax burden will allow us to redirect those funds to investment in to the company, modernization and R&D to set us up for the next 70 years. We have the right people, this would go a long way to helping us accomplish all that we are working on to build a business for the next 70 years,” stated William Andrews, President and GM of Monofrax.
“Small to mid-sized business are seen as the backbone of our economy and the current tax structure can have a paralyzing effect on growth. In fact, many of the smallest businesses file their taxes through their individual returns. If the tax rates were simplified and reduced, investment back into the business becomes more conducive and can include hiring people and buying equipment which have an immediate and direct impact on the economy. The Tax Cuts & Jobs Act simplifies the code and helps small businesses. I appreciate the Congressman working so hard to get tax reform done,” said Mark Odell, Owner of Econoburn Boilers.
“On behalf of the more than 250 teammates that work at Vulcraft in Chemung, NY, I would like to share our support of the Tax Cuts and Jobs Act.We believe the incentives in this legislation are important to our ability to continue to invest in our people and our business. Specifically, the reduction of the corporate tax rate, and the provision for full and immediate expensing of capital investments, is critical to our ability to build a strong manufacturing base in the United States, and in New York state. This is necessary for sustainable economic growth and job creation,” said Tom Batterbee, Vice President and General Manager of Nucor Vulcraft.