Rep. Cook Votes to Cut Taxes and Create Jobs
WASHINGTON- Rep. Paul Cook (R-Apple Valley) today voted in favor of H.R. 1, the Tax Cuts and Jobs Act, which was approved by the House of Representatives on a 227-205 vote. The Tax Cuts and Jobs Act will provide the average family of four in Cook’s district, California’s 8th Congressional District, approximately $1,400 annually in savings. Americans will see these savings on taxes collected next year and pay a reduced amount by April 2019.
Rep. Cook said, “Despite the misinformation being spread about this bill, the Tax Cuts and Jobs Act will protect property tax and mortgage interest deductions for the vast majority of my constituents. Twenty-five thousand additional families in my district will also become eligible for the child tax credit. Through these provisions, and most importantly, by doubling the standard deduction, Americans will be able to keep more of their money. Money in their pockets means better retirement savings, a better shot at a down payment for a home, and more money in local economies rather than federal coffers.
“This bill also simplifies our tax code, significantly reducing the difficulties and costs involved in tax preparation. I urge the Senate to act swiftly to pass its own version of the tax legislation so we can get a bill to the President’s desk and provide real tax relief to the American people.”
H.R. 1 lowers the income tax rate for all Americans other than the wealthiest, where the tax rate remains unchanged, demonstrating a commitment to middle and working class Americans. While H.R. 1 eliminates or reduces a number of tax deductions, the reduced income tax rates and doubled “standard deduction” more than offset those changes for nearly all taxpayers in Cook’s district. For example, currently 65 percent of Cook’s constituents utilize the standard deduction when doing their taxes, rather than itemizing. Under H.R. 1, that standard deduction will double to $12,000 from $6,000 for individuals and to $24,000 from $12,000 for married couples. According to the Joint Committee on Taxation and the Tax Foundation, 91 percent of taxpayers in Cook’s district will have a lower tax liability through the doubling of the standard deduction alone.
The legislation also makes American businesses more competitive internationally. Currently, US tax rates for businesses are among the highest in the industrialized world. Nationwide, this bill reduces taxes on American families and businesses by approximately $1.5 trillion over 10 years and simplifies the tax code to make it easier to file taxes.
A member of the House Natural Resources, Armed Services, and Foreign Affairs Committees, Cook served as an infantry officer and retired after 26 years as a Colonel in the U.S. Marine Corps. During his time in combat, he was awarded the Bronze Star and two Purple Hearts.