ICYMI: Just Before House Passage, Curbelo Explains Tax Reform Benefits for South Florida
Just before the House passed the Tax Cuts and Jobs Act yesterday, Representative Carlos Curbelo (FL-26), South Florida’s only Member on the tax-writing Ways and Means Committee, spoke on the House floor about how the tax reform bill would help South Florida individuals, families and small businesses prosper.
“Throughout South Florida, I hear from families and small businesses who are worried about saving for their kids' college or making payroll,” Curbelo said. “While the stock market is humming and unemployment is low, wages have been stagnant and the so-called recovery has left too many people behind. And that’s why this bill is so important.”
A partial transcript of Curbelo’s remarks can be found below. Video is available here.
Just Before House Passage, Curbelo Explains Tax Reform Benefits for South Florida
Representative Carlos Curbelo: “Mr. Speaker, I rise in strong support of H.R. 1, the Tax Cuts and Jobs Act. This crucial legislation before us today marks the first time in 31 years Congress has considered a major overhaul to the current tax code that is overly cumbersome, wildly outdated, and riddled with special interest loopholes.
“Mr. Speaker it is obvious there is a great deal of frustration and anxiety in our country. I truly believe it is due to the fact the economic recovery has not reached every household. Throughout South Florida, I hear from families and small businesses who are worried about saving for their kids' college or making payroll. While the stock market is humming and unemployment is low, wages have been stagnant and the so-called recovery has left too many people behind.
“And that’s why this bill is so important.
“This legislation will collapse and lower current tax rates to ensure a typical middle-income family in South Florida will receive about $1500 in tax relief. For married couples, it doubles the standard deduction from $12,000 to $24,000, drastically simplifying the process of filing taxes each year for over 90% of Americans while allowing taxpayers to keep more of their hard-earned money. The bill also expands the child tax credit from $1000 to $1600 per child, a benefit that will be seen by 43,768 taxpayers in Florida’s 26th district. And we’re also making it easier to save for college by expanding 529 plans to cover more expenses, including apprenticeship programs. All these benefits will directly help alleviate the increasing cost of raising families.
“On the business side, this bill gives American companies of all sizes – especially our smaller enterprises and entrepreneurs - a chance to compete and win in the new globalized economy. By providing businesses with lower tax rates, we will make it easier for our job creators to invest here at home and increase pay checks for American workers.
“Mr. Speaker, as a proud Member of the Ways & Means Committee, I commend Chairman Brady, his staff, and the Members of this House who will soon support this once-in-a-life time opportunity to ensure we provide all Americans – especially the most vulnerable – the opportunity to find their economic success.”