Crapo Supports Senate Tax Reform Proposal
WASHINGTON - Hailing it as a rare opportunity to provide tax relief for Idaho families, Idaho Senator Mike Crapo today voted in favor of the Tax Cuts and Jobs Act. Crapo is a senior member of the Senate Finance Committee where the legislation was debated this week. It will now go to the full Senate floor for amendment and debate.
“For the first time in more than 31 years, Congress is seizing upon the rare opportunity to reform our tax code and allow Idaho’s hard working women and men the ability to keep more of their hard earned money instead of sending it to Washington,” said Crapo following the vote in the Senate Finance Committee. "While I have said this many times, it bears repeating: Congress could not have created a tax code that is more unfair, more complex, more expensive to comply with, or more anti-competitive to our own American business interests than the code currently in place. The Senate’s tax reform measure will address the true problems with our tax code, strengthen America’s economy, build ourselves of out of fiscal crisis, and give Idaho families access to stronger wages and better job growth.”
The Tax Cut and Jobs Act was introduced by Senate Finance Committee Chairman Orrin Hatch (R-Utah), and includes the following highlights:
-- Doubles the standard deduction so that 95 percent of taxpayers will no longer be responsible for saving their receipts and itemizing their deductions.
-- Doubles the child tax credit and makes it available to more middle income families.
-- Reduces tax rates for all Americans, with the greatest share of the tax cut benefit going to low and middle income families
-- Protects 401(k) and Individual Retirement Accounts to help Americans build their retirement nest eggs and save for retirement.
-- Maintains home mortgage interest deduction up to $1 million, incentivizing homeownership and providing tax relief to current and aspiring homeowners.
On Monday in his opening statement, before the Committee, Crapo addressed the issues with our current tax code and emphasized the need to enact meaningful reforms. Tonight's vote was an opportunity for Congress to begin to delivering on those reform for Idaho's working families.
The U.S. House of Representatives passed its version of the Tax Cuts and Jobs Act on Thursday with a vote of 227-205. Following its passage by the full Senate, differences between the Senate and House versions will be reconciled.
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