Washington, DC – Congressman Francis Rooney issued the following statement on passage of H.R. 1, the Tax Cuts and Jobs Act.
Congressman Rooney stated, “Today’s vote will result in a fairer tax system and allow Southwest Floridians to keep more of their hard-earned money. The facts are undeniable; every tax bracket will now be lower, the standard deduction will nearly double, the child tax credit doubles, and people will no longer be forced to pay a fine for not purchasing unaffordable Obamacare insurance. In addition, small businesses will see tax rates cut to a level that is competitive with the rest of the industrialized world. Combined with the unprecedented reduction in the regulatory state that has strangled our economy over the last eight years, America is now on track for a booming economy that works for everyone.”
Tax Cuts and Jobs Act facts
- A family of 4 earning a median income of $73,000 a year gets $2,059 more back in their pocket each year.
- Repeals Obamacare individual mandate.
- Nearly doubles the standard exemption – the first $12,000 for individuals and $24,000 for couples is now tax-free.
- Doubles the child tax credit from $1,000 to $2,000 per child. There are 43,634 taxpayers in FL-19 that claim the child tax credit.
- Significantly reduces taxes for small business owners, impacting 62,041 taxpayers in FL-19 that have small business income.
- Requires that you must have a Social Security number to receive a tax refund.
- Maintains current deductions for medical expenses.
- Maintains current deductions for out-of-pocket teacher expenses.
- Maintains current deductions for charitable donations.
- Maintains property tax deductions up to $10,000 a year (For example, a home valued at $620,000 in unincorporated Lee County or $527,000 in Cape Coral, our district’s largest city, would be below the cap).
- The mortgage interest deduction would be capped at $750,000 for mortgages (down from $1 million now).
- Reduces the corporate tax rate from 35 percent to 21 percent.