Cassidy: We’re One Step Closer to Enacting Tax Cuts for Working Families
U.S. Senator Bill Cassidy, M.D. (R-LA), a member of the Senate Finance Committee, released the following statement after the Senate voted to proceed to final consideration and debate of the Tax Cuts and Jobs Act:
“We’re one step closer to enacting tax cuts for working families in Louisiana,” said Dr. Cassidy. “This bill will let Americans keep more of their own money, create jobs, and grow our economy so we can address the budget deficit. We need to come together and get this bill to President Trump’s desk.”
In an open letter to Congress today, 137 economists announced their support for the tax reform effort, writing, “Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people.”
According to the Tax Foundation’s analysis, the bill will boost take home pay for Louisiana families by more than $1,800 a year and create more than 12,600 new jobs in Louisiana alone.
The Senate tax reform bill:
- Specifically benefits Louisiana by including Cassidy’s amendments providing victims of last year’s flooding with $500 million in disaster tax relief, preserving the Historic Tax Credit, and restoring nearly $100 million in funding for coastal restoration projects in the state.
- Doubles the Child Tax Credit to $2,000.
- Nearly doubles the standard deduction to $12,000 for an individual and $24,000 for a couple filing jointly.
- Preserves deductions for home mortgage interest and charitable contributions.
- Repeals Obamacare’s individual mandate tax, which disproportionately targets lower-income people who choose not to buy health insurance or can’t afford the premiums.
Earlier today, Cassidy called on Democrats to support the bill.
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