of Tax Reform Bill
In Washington D.C., Tuesday December
19, 2017, Representative Paul Cook (R-Apple Valley) voted in favor of the final
version of H.R. 1, the Tax Cuts and Jobs Act, which passed the
House of Representatives by a margin of 227-203. The Tax Cuts and Jobs Act will provide the average family of four
with approximately $2,059 annually- a 58% reduction in their taxes. Americans
will see these savings on taxes collected next year and pay a reduced amount by
lowers the income tax rate for all Americans, so that people can keep more of
their hard-earned money.
H.R. 1, the standard deduction nearly doubles to $12,000 from $6,350 for
individuals and to $24,000 from $12,700 for married couples.
Bill allows individuals to continue to write-off the cost of state and local
income taxes up to $10,000. It expands the Child Tax Credit from $1,000 to
$2,000 for children under 17 and provides a $500 credit for each non-child
legislation also preserves the mortgage interest deduction, covering interest
on up to $750,000 in mortgage principal on first or second homes, and
grandfathers existing mortgages. Additionally, the Bill expands the medical
expense deduction, eliminates the Obamacare individual mandate tax, and
maintains the deduction for charitable giving.
legislation also makes American businesses more competitive internationally.
Currently, US tax rates for businesses are among the highest in the
industrialized world. This Bill gives American companies a level playing
field on the world stage and incentivizes them to hire new workers in the U.S.,
while small businesses will receive relief in the form of simplified accounting
rules, improved expensing rules, and protection of the deduction for interest
Representative Paul Cook said, “This Bill delivers crucial tax relief for middle-class and low-income
Americans. Despite the misinformation being spread about this Bill, The Tax Cuts and Jobs Act will provide
more than 90 percent of taxpayers in my District with a tax break putting more
money in their pockets. Money in their pockets means better retirement savings,
a better shot at a down payment for a home, and more money in local economies
rather than federal coffers.
The Bill also
simplifies the tax code and provides important relief to small businesses and
job creators. I look forward to the Senate passing it and the President signing
the Bill before the end of the year.”
Congressman Cook is a member of the
House Natural Resources, Armed Services, and Foreign Affairs Committees, Cook
served as an infantry officer and retired after 26 years as a Colonel in the
U.S. Marine Corps. During his time in combat, he was awarded the Bronze Star
and two Purple Hearts.