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Labrador Votes for Tax Reform Bill

 

FOR IMMEDIATE RELEASE:

    

          FOR MORE INFORMATION:

Tuesday | December 19, 2017

       Todd Winer – 202.495.8546

        Dan Popkey – 208.800.1565

        

 

LABRADOR VOTES FOR TAX REFORM BILL
 

WASHINGTON, DC –Rep. Raúl Labrador (R-ID) voted for an historic tax reform bill today – the first substantial overhaul of America’s tax code in 31 years. He released the following statement:  

“Any time we can allow hard-working Idahoans to keep more of their money, that’s a good thing. The bill we passed today will help Idaho families meet their expenses and make crucial investments.  This, in turn, will generate more economic growth and job creation, as shown by other tax relief bills of the recent past. While I would have preferred to see Congress go further in eliminating loopholes, lowering the overall rates, and reducing overall spending to avoid increasing our national debt, the bill we passed today is a good start.”  

This bill, which passed the House, lowers individual tax rates for low- and middle-income Americans; doubles the standard deduction; expands the child tax credit from $1,000 to $2,000; lowers the corporate tax rate from 35% to 21%; and repeals the Obamacare individual mandate tax, among other changes.

“I’m excited Congress is repealing the Obamacare individual mandate tax,” said Rep. Labrador. “This is a big win in our efforts to dismantle Obamacare, although we still have a long way to go.  I will never quit the fight to repeal and replace Obamacare because it is a disaster for Idaho families and businesses.” 

Three times in recent history – under Presidents Kennedy, Reagan, and George W. Bush – major tax relief was followed by significant job creation, stronger growth, and even higher tax revenue because of the stronger economy.

The Senate is expected to act on tax reform this week. If the Senate approves the bill, it will go to President Trump for his signature and become law.