December 19, 2017
Contact: T.W. Arrighi
Rep. Mimi Walters: Tax Relief Being Delivered to Americans in Time for the Holidays
Washington, DC – Congresswoman Mimi Walters (R-California) released the following statement regarding the passage of the Tax Cuts & Jobs Act Conference Report in the U.S. House of Representatives.
Said Rep. Walters, “Today, the House passed a historic tax reform package that will allow hard-working Americans to keep more of their paychecks, create jobs, and increase wages. According to non-partisan estimates, the tax reform bill will provide benefits to individuals at all income levels and will generate significant economic growth. The bill nearly doubles the standard deduction, meaning the first $12,000 of an individual’s income, or $24,000 of a joint household’s, is now tax-free. This bill will also lower rates for job creators in order to increase economic growth and create opportunities for all Americans.
“While I had reservations about previous versions of this legislation, I worked to secure meaningful changes that will benefit the taxpayers of California’s 45th district. After a great deal of negotiation and hard work, the following significant changes were made to earn my vote:
· The State and local tax deduction will be preserved up to $10,000, which ensures hard-working Californians do not have to absorb the full brunt of Sacramento’s irresponsible tax and spend policies.
· The mortgage interest deduction cap will be increased to $750,000 for new mortgages, while existing mortgages remain under the current tax rules.
· The child care tax credit will double to $2,000, so families across the Nation will receive much needed tax relief as they raise future generations.
· Popular deductions for medical expenses, student loan interest, graduate school waivers, and school supplies purchased by teachers with their own money, will be preserved.
· Taxpayers will also be protected from an IRS tax penalty if they chose to forgo health insurance.
“Much like when California’s own Ronald Reagan last undertook tax reform, defenders of the failing status quo have been quick to spread misinformation about this bill and stand in the way of long overdue reforms. When all is said and done, California taxpayers will benefit from this historic tax package and the American economy will flourish. I am confident my colleagues in the Senate will act quickly to deliver tax relief to American taxpayers this holiday season.”
Walters represents California’s 45th District and serves on the House Energy and Commerce Committee