[Congressional Record Volume 164, Number 66 (Tuesday, April 24, 2018)]
[House]
[Page H3457]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         TAX CUTS AND JOBS ACT

  The SPEAKER pro tempore. The Chair recognizes the gentlewoman from 
North Carolina (Ms. Foxx) for 5 minutes.
  Ms. FOXX. Mr. Speaker, today I rise to dispute the absurdity that the 
Tax Cuts and Jobs Act benefits only the wealthy, leaving nothing but 
crumbs for the rest.
  As someone who started contributing to my family's household income 
at age 12, I am all too familiar with the many struggles of our 
country's working and middle classes. Despite their steady perseverance 
in the face of politicians whose fiscal philosophy was ``government 
knows best,'' the working poor and middle class have been chewed up by 
the system that same philosophy promulgated.
  Republicans' Tax Cuts and Jobs Act delivers a modern Tax Code that is 
fiscally responsible, levels the playing field, and supports working-
class Americans. Republicans understand that progrowth tax reform means 
simpler and fairer taxes that provide much-needed relief to the middle 
class and our small businesses. It also means security for American 
jobs, more take-home pay for the workforce, and a level playing field 
for Americans' farms and businesses.
  By doubling the standard deduction, the Tax Cuts and Jobs Act will 
move more low-income Americans into the zero tax bracket. For married 
couples filing jointly, this translates to $24,000 yearly that is 
free--free--from Federal taxes. This also means that working-class 
Americans will be able to take home more of their hard-earned 
paychecks.
  Currently, over 70 percent of the people in the United States already 
take the standard deduction. By doubling the standard deduction, even 
more Americans will be spared from itemizing, and the process will be 
so simple that they can file on a postcard. For those few Americans who 
do elect to itemize, the Tax Cuts and Jobs Act preserves the child and 
dependent care tax credit, the adoption tax credit, the deduction for 
charitable contributions, the home mortgage interest deduction for 
existing mortgages, and the deduction for newly purchased homes for 
interest on up to $750,000 of mortgage principal.
  It also continues to allow for writeoff of State and local property 
taxes up to $10,000. Finally, it expands the medical expense deduction 
in 2018 for medical expenses exceeding 7.5 percent of adjusted gross 
income and rises to 10 percent beginning in 2019.
  Last, by lowering the crippling taxes on businesses, the Tax Cuts and 
Jobs Act translates to an increase in employment and workers' wages. We 
are seeing the lowest unemployment rate since 2000, and 4 million 
workers and counting have seen the benefits of these historic tax cuts 
in their income. Businesses across the country are giving bonuses, pay 
raises, and new investments. Bonuses alone amount to over $4 billion 
across businesses countrywide.

  The evidence that tax cuts provide substantial relief for the working 
and middle classes is clear. The Democrats' approach was to defend a 
Tax Code riddled with high taxes and loopholes, but I am proud that 
Republicans delivered on our promise to bring relief to American 
workers and happy to say that we are only beginning to see the benefits 
of this historic tax cut for America's businesses, workers, families, 
and job creators.

                          ____________________