Washington, DC – Congressman Francis Rooney issued the following statement on passage of H.R. 1, the Tax Cuts and Jobs Act.
Congressman Rooney stated, “I am proud to vote in favor of tax cuts that will lower the tax burden for hard working Americans, expand the child tax credit, and double the standard deduction. In addition, small businesses will see tax rates cut to a level that is on par with the rest of the industrialized world, meaning more jobs for our country and our Southwest Florida community.”
Tax Cuts and Jobs Act facts specifically for residents of Southwest Florida (FL-19)
- Increases median household income in Florida by $1,945.
- Nearly doubles the standard exemption – the first $12,000 for individuals and $24,000 for couples is now tax-free.
- Increases the child tax credit from $1,000 to $1,600 per child. There are 43,634 taxpayers in FL-19 that claim the child tax credit.
- Reduces the corporate tax rate from 35 percent to 20 percent and the rate for pass-through businesses down to 25 percent, making it possible to open or expand businesses and increase worker paychecks.
- Significantly reduces taxes for small business owners, impacting 62,041 taxpayers in FL-19 that have small business income.
- Eliminates the Alternative Minimum Tax, which currently impacts 13,911 taxpayers in FL-19
- Maintains deductions for charitable donations, property taxes up to $10,000 a year and the mortgage interest deduction. The mortgage interest deduction would be capped at $500,000 for mortgages (down from $1 million now).