Tax Cuts and Jobs Act Passes Senate 51-49 with Crapo and Risch Support
WASHINGTON– Idaho Senators Mike Crapo and Jim Risch today applauded the Senate’s passage of the Tax Cuts and Jobs Act. Crapo and Risch both voted in favor of the legislation which will provide tax relief for Idaho families and all Americans.
“For the first time in over three decades, Congress has finally taken an imperative step forward in reforming our tax code to allow Idaho’s women and men the ability to keep more of their hard-earned money, while the bill’s dramatic simplification of the tax code will also save families significant time and money when it comes time to file their taxes each year.” said Crapo and Risch jointly following the Senate’s Saturday morning vote. "Under this monumental overhaul, Americans in every income group will see a reduction in their tax burden, with those in the lower and middle-income categories seeing the greatest percentage reduction. Six million of the most vulnerable taxpayers will see a reduction of their taxes to zero. A typical family of four will benefit from a $2,200 tax cut. The Tax Cuts and Jobs Act will produce growth not seen in generations, giving Americans access to higher wages, greater job opportunities and a more vibrant economy, all of which will result in greater dynamic revenue generation to reduce the deficit and improve our nation’s fiscal standing.”
“We have long held that Congress could not have created a tax code that is more unfair, more complex, more expensive to comply with, or more anti-competitive to our own American businesses than the code currently in place,” added Crapo and Risch. “Going far beyond the typical debate we have seen in recent decades about tax cuts vs. tax increases, this comprehensive reform successfully addresses each of the problems with the current tax code. Ultimately, today’s Senate passage signifies an historic step forward in putting America back on a path toward sound fiscal health.”
In addition to necessary tax cuts for the vulnerable and widespread economic growth mentioned by Crapo and Risch, the Tax Cuts and Jobs Act will:
Senator Crapo is a senior member of the Senate Finance Committee, which has jurisdiction over the legislation. Senator Risch is Chairman of the Small Business Committee. The differences between the House and Senate versions of the Tax Cuts and Jobs Act will now undergo reconciliation. The final version coming out of the conference committee will need to be approved by both houses before it is sent to the president for signature.
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