Rep. Marino Votes for Pro-Growth Tax Reform
Washington, D.C –Today, Congressman Tom Marino (PA-10) voted in favor of H.R.1, the Tax Cuts & Jobs Act which passed the House of Representatives by a vote of 227-205.
This bill overhauls our nation’s tax code for the first time in 31 years by reducing the number of tax brackets, nearly doubling the standard deduction for individuals and couples, and providing tax relief at all income levels. This legislation maintains popular aspects of the tax code such as the mortgage interest deduction, the deduction for charitable contributions, and popular retirement savings options such as 401(k)s and Individual Retirement Accounts (IRAs). It also allows homeowners to write off the cost of state and local property taxes up to $10,000, expands the Child Tax Credit to $1,600, up from $1,000, and streamlines higher education benefits to help families better afford college and education. Importantly, the Tax Cuts and Jobs Act closes special-interest loopholes and eliminates deductions largely used only by high-income earners.
The corporate tax rate is reduced from $35%, the highest rate in the industrialized world, to 20%. This will allow US businesses to be more competitive globally and incentivize companies to bring jobs and higher wages to the US. The Tax Cuts and Jobs Act will deliver much-needed tax relief and fuel economic growth and bigger paychecks for generations to come.
Congressman Marino issued the following statement on the passage of the legislation:
“The tax system in this country is too complex, too burdensome, and has stalled our nation’s prosperity and wage growth. We need to get our economy moving again to maximize job creation by making America the most desirable country in the world for businesses to invest and thrive. The Tax Cuts and Jobs Act makes our tax code more fair and honest for hard-working middle-class families who today are struggling to keep up with rising costs.”