WASHINGTON—U.S. Senator Bill Cassidy, M.D. (R-LA), a member of the Senate Finance Committee, released the following statement today after the committee unveiled its version of the Tax Cuts and Jobs Act, legislation that would cut taxes and reform the federal tax code to make it more simple and more fair.
“You deserve to keep more of your own money. This plan will cut taxes for working families in Louisiana, grow our economy, and help keep American jobs from moving overseas,” said Dr. Cassidy. “We’ve worked hard to write a bill that will bring better paying jobs and better benefits to Louisiana workers. While our bill isn’t perfect, the inclusion of provisions like the Historic Tax Credit is positive for Louisiana, and we’re going to keep working toward tax reform until we get the job done.”
Under the Senate’s tax reform plan, a family of four earning the national median income would see a tax cut of $1,483.
Louisiana families would specifically benefit from the Senate’s tax reform plan, which:
- Cuts taxes across the board.
- Virtually doubles the standard deduction, making a family’s first $24,000 in income tax-free.
- Preserves the Earned Income Tax Credit to provide tax relief for low-income workers.
- Expands the Child Tax Credit to $1,650 per child.
- Keeps the Adoption Tax Credit, which helps parents provide a vulnerable child with a safe, loving home.
- Provides relief from the death tax.
- Continues the deduction for charitable contributions to local churches, charities and community organizations.
- Preserves the home mortgage interest deduction.
Louisiana workers would specifically benefit from the Senate’s tax reform plan, which:
- Keeps the Historic Tax Credit, which has supported more than 38,000 jobs and $2 billion in development in Louisiana since 2002.
- Keeps the Low-Income Housing Tax Credit and Private Activity Bonds, which are critical to housing and infrastructure projects in Louisiana.
- Preserves key provisions—including the Intangible Drilling Cost deduction—that encourage Louisiana energy producers to make investments in the Gulf Coast and provide good-paying jobs to workers.
- Gets rid of incentives for American companies to keep jobs and cash overseas instead of in Louisiana.