Trump Administration “strongly supports” passage of H.R. 1
WASHINGTON – Congressman John Shimkus (R, Illinois-15) voted today for H.R. 1, the Tax Cuts and Jobs Act. The legislation delivers on President Trump’s promise of meaningful relief for low- and middle-income taxpayers, and reduces business taxes so American employers can grow, create jobs, and raise wages.
“More than 80 percent of my constituents take the standard deduction instead of itemizing on their tax returns,” Shimkus said. “We’re nearly doubling that standard deduction, which means the first $12,000 earned by individuals, and the first $24,000 earned by married couples, would be protected from federal income taxes under this bill.”
Under the House-passed Tax Cuts and Jobs Act:
- A married couple with two children earning $82,515 (the median four-person household income for the 15th District of Illinois) would receive a tax cut of $1,811.
- A single man or woman with no dependents earning $48,000 (just below the median household income for the 15th District of Illinois) would receive a tax cut of $1,301.
- A single parent of one child earning $30,000 a year would receive a tax refund of more than $1,000 – over $700 more than he or she would have received under our current tax code.
“Contrary to misleading media reports, the reality is that low- and middle-income Americans will see the biggest percentage reductions in taxes paid under the Tax Cuts and Jobs Act,” Shimkus added, citing analysis by the independent, nonpartisan Joint Committee on Taxation.
In a Statement of Administration Policy, the White House said it “strongly supports” the legislation and estimated it would grow the economy by three to five percent over the next decade while increasing average household income by at least $4,000 annually.
The National Federation of Independent Businesses, American Farm Bureau Federation, Associated Builders and Contractors, and National Association of Manufacturers joined dozens of groups in support theTax Cuts and Jobs Act.
***Press release courtesy of Congressman John Shimkus***