Abraham statement on tax reform
WASHINGTON - Congressman Ralph Abraham, M.D., R-Alto, voted to reform the tax code to give working class families a tax cut and create a more competitive tax environment for American businesses. The Tax Cut and Jobs Act passed the House on Thursday. Dr. Abraham's statement is as follows:
"Middle class families are finally getting the tax break they deserve. This bill is going to put more money in the pockets of hard-working Americans, create new jobs and lead to more things that bear some of my favorite words: Made in America. Passing this tax reform bill today will lead to a more prosperous America for all, and I'm proud to have supported it," Dr. Abraham said.
Tax Reform Items of Note:
- This bill is expected to create 975,000 new jobs and generate economic growth sufficient to increase federal tax receipts by $1 trillion.
- The U.S. Chamber of Commerce estimates that Louisiana will see an additional 13,293 jobs as a result of tax reform.
- Middle class families in Louisiana are predicted to see a raise in after-tax income of $1,857, according to the Chamber.
- Child tax credits will raise from $1,000 to $1,600 per child. This will affect about 51,000 taxpayers in the 5th Congressional District.
- About 90 percent of filers will be able to file their taxes on a postcard after simplifying the tax code and doubling the standard deduction to about $24,000. This will affect about 56,000 taxpayers in the 5th District.
- Eliminates the alternative minimum tax, which will affect about 3,7000 taxpayers in the 5th District.
- Maintains deductions for charitable contributions and protections for popular retirement savings options, like 401(k)s.