Reed Delivers Transformational Tax Cuts
WASHINGTON, DC- After clearing the House and Senate, the Tax Cuts and Jobs Act is on its way to the President’s desk. Congressman Tom Reed (NY-23), a member of the tax writing Ways and Means Committee, was instrumental in shaping legislation that ensures historic tax cuts for hardworking Americans and the launch of a new era of economic opportunity, growth and job creation.
“I have been working on crafting this legislation for seven years, which will lower taxes not only for hardworking New Yorkers, but all Americans,” Reed stated. “This is a once in a generation opportunity to transform our tax code and spark our economy. Today we have opened the gates to a new wave of optimism and economic prosperity -- and I’m proud to be a part of it.”
Facing one of the highest tax burdens in the country, New Yorkers stand to benefit from the overhaul of a tax code that hasn’t been reformed in thirty-one years.
“This bill will provide much needed relief - particularly for working families. By keeping more of their own money, people will be able to invest more in their families, instead of handing it over to the government. That’s the way it should be,” Reed added.
The bill cuts tax rates on middle and working class Americans, doubles the standard deduction, doubles the child tax credit to $2000 per child- $1400 of which is refundable, and preserves the child and dependent care credit. Additionally, this legislation maintains the state and local tax deduction for income, sales, and property tax.
“This bill will also enhance our economic engine. For decades, we’ve prevented our businesses from being able to grow and compete. Tax reform will help jumpstart job creation and with a job comes pride in an honest day’s work. This is transformative for families in our region,” Reed said.
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