Hensarling Votes for Tax Reform 2.0
WASHINGTON – U.S. Congressman Jeb Hensarling (TX-5) released the following statement after the House passed “Tax Reform 2.0,” a package of three bills which will make permanent the reforms and tax cuts signed into law last year.
- Locks in the lower individual tax rates of zero, 12%, 25%, and 35% and top rate of 39.6.
- Maintains the roughly doubled Standard Deduction – from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
- Makes permanent the new Family Credit – including the Child Tax Credit expanded from $1,000 to $1,600 for each child and the new credits of $300 each for the taxpayer, spouse and other dependents.
- Eliminates the Alternative Minimum Tax for nearly 96 percent of those who paid it last year.
- Doubled exemption from the Death Tax.
- For small businesses, makes permanent the first-ever 20% deduction for pass-through business income.