Curbelo: Tax Reform Will Let South Floridians Keep More of Their Paychecks
Today, Representative Carlos Curbelo (FL-26), South Florida's only Member of the Ways and Means Committee, celebrated the introduction of the Committee's legislation to fundamentally reform our outdated and overly complex tax code. For the first time in 31 years, Congress is working to provide the American people – especially those most in need – with a tax system that will apply lower rates for individuals, families and small businesses.
Curbelo released the following statement regarding today’s introduction:
“The Tax Cuts and Jobs Act will provide much needed relief to individuals and families by collapsing tax brackets, lowering rates and simplifying the web of confusing credits and deductions that had been piled onto our tax code by special interests for decades.
“This reform puts American families first by allowing them to keep more of their hard-earned paychecks so they can better provide for their families and get ahead. By doubling the standard deduction for all individuals to $12,000 and married filers to $24,000, South Floridians and American taxpayers across the country will see an immediate increase in their paychecks.
“In addition, families will see an immediate increase in the Child Tax Credit, from $1000 to $1600 per child. For South Florida families with elderly parents or college students living at home, families will also have access to an additional family credit up to $600.
“I am also pleased to see a top rate of 25% on small businesses who, despite being the backbone of the American economy, have been subjected to a burdensome tax rate for far too long. This tax reform plan provides the simplification and relief they need to hire more workers and get back to focusing on what matters most – growing their businesses and spending time with their families.
“Lastly, we are finally bringing our outdated corporate tax system into the 21st Century. U.S. companies, which currently face one of the highest statutory tax rates in the world, have been unable to compete with international companies as other countries drastically lower their rates. This tax bill will attract even greater foreign investment, leading to new job creation and the return of jobs that had been lost to overseas.”
The House Ways and Means Committee will mark up the Tax Cuts and Jobs Act on November 6, 2017.