WASHINGTON, D.C. – U.S. Senator Jerry Moran (R-Kan.) released the following statement after voting in favor of the Senate’s tax reform bill:
“It’s been more than three decades since Congress has reformed our tax code and Americans can no longer afford the status quo of an outdated, complicated tax system. Today I supported a fiscally-responsible, pro-growth tax reform bill that benefits middle-class families and enables businesses to compete in a 21st century economy.
“Our economy is poised for growth and tax reform will put us on the path to even greater economic success. This plan will incentivize companies to stay in America and will encourage local businesses to grow and create good-paying jobs, better jobs and more secure jobs. Further, our tax code should work for Kansas families, not against them. The expansion of the Child Tax Credit, the nearly-doubled standard deduction and the creation of the employer credit for paid family and medical leave will increase personal income, reduce the cost of living and provide flexibility to save for the future. I’m pleased this tax bill creates a simpler and fairer tax code that protects taxpayers and works for Kansas families.”
The Tax Cuts and Jobs Act:
· Lowers individual tax rates for low- and middle-income Americans by effectively expanding the zero tax bracket and maintaining a 10 percent bracket allowing hardworking taxpayers to keep more of their money and save for retirement.
· Nearly doubles the standard deduction to reduce or eliminate the federal income tax burden for tens of millions of American families.
o Standard deduction will go from $6,350 to $12,000 for individuals, from $12,700 to $24,000 for married couples, and from $9,350 to $18,000 for single parents.
· Expands the child tax credit from $1,000 to $2,000 and allows more parents to claim the credit by substantially lifting existing caps. In addition, it preserves the adoption tax credit to help families with the high costs of adopting children.
· Preserves the earned income tax credit to provide relief to low-income American workers.
· Preserves the additional important elements of the existing individual tax system, including:
o Deduction for medical expenses;
o Enhanced standard deduction for the blind and elderly; and
o Education relief for graduate students.
· Restores the state and local property tax deduction up to $10,000.
*Provided by the U.S. Senate Committee on Finance