WASHINGTON-Today, U.S. Congressman Aaron Bean (FL-04) released the following statement upon the House Ways and Means Committee's successful vote of reconciliation legislation that will provide tax relief for Northeast Florida families and businesses.
"I have been fighting tirelessly for working families, small businesses, and seniors to keep more of their hard-earned money, not less-and that's exactly what this bill delivers. No tax on tips, no tax on overtime pay, tax relief for our seniors, and expanding the child tax credit. In addition, I have championed expanding the use of health savings accounts, increasing the standard deduction that benefits all Northeast Florida families, and expanding educational opportunities by creating a tax credit for students to attend private schools.
By extending and expanding successful provisions within the 2017 Tax Cuts and Jobs Act, we are laying the foundation for an economy that works for everyone, not just today, but for generations to come. I look forward to getting this America First bill to the President's desk."
Watch Congressman Bean's opening remarks here.
BACKGROUND
Make American Families & Workers Thrive Again
-
Makes the 2017 Trump tax cuts permanent - protecting the average taxpayer from a 22 percent tax hike and providing an additional $1,300 tax cut for the average American family.
-
Delivers on President Trump's priorities of no tax on tips, overtime pay, and car loan interest, and provides additional tax relief for seniors.
-
Locks in and boosts the doubled Child Tax Credit for more than 40 million families and provides additional tax relief for American families.
-
Preserves and increases the doubled guaranteed deduction for 91 percent of all taxpayers.
-
Expands 529 education savings accounts to empower American families and students to choose the education that best fits their needs, whether it is K-12 materials or obtaining a postsecondary trades credential.
-
Supports working families by expanding access to childcare and making permanent the paid leave tax credit.
-
Puts American families in control of their health care by expanding health savings accounts and cementing into law a Trump Administration policy that offers more choice and flexibility for health coverage options.
-
Starts building financial security for America's children at birth with the creation of new savings accounts.
Make Rural America & Main Street Grow Again
Make America Win Again
-
Holds elite universities that operate more like major corporations and other tax-exempt entities accountable, ensuring they can no longer abuse generous benefits provided through the tax code.
-
Increases the university endowment tax and subjects the largest endowments to the corporate tax rate.
-
Increase tax on massive non-profits that resemble hedge funds and pay their employees huge salaries.
-
Ends $500 billion in Biden-era tax breaks and special interest giveaways to the wealthy, big corporations, and China.
-
Prevents taxpayer benefits from going to illegal immigrants by requiring a Social Security number for individuals claiming tax credits and deductions, ending illegal immigrant eligibility for Obamacare premium tax credits and Medicare, and applying new fees on remittance payments from illegal immigrants to outside the U.S.
The tax package passed the House Ways and Means Committee by a vote of 26 to 19.
###