Rep. Paul Cook Votes for Final Version of Tax Reform Bill
WASHINGTON- Rep. Paul Cook (R-Apple Valley) today voted in favor of the final version of H.R. 1, the Tax Cuts and Jobs Act, which passed the House of Representatives by a margin of 227-203. The Tax Cuts and Jobs Act will provide the average family of four with approximately $2,059 annually- a 58% reduction in their taxes. Americans will see these savings on taxes collected next year and pay a reduced amount by April 2019.
H.R. 1 lowers the income tax rate for all Americans, so people can keep more of their hard-earned money. Under H.R. 1, the standard deduction nearly doubles to $12,000 from $6,350 for individuals and to $24,000 from $12,700 for married couples. It allows individuals to continue to write off the cost of state and local income taxes up to $10,000. It expands the Child Tax Credit from $1,000 to $2,000 for children under 17 and provides a $500 credit for each non-child dependent. The legislation also preserves the mortgage interest deduction, covering interest on up to $750,000 in mortgage principal on first or second homes, and grandfathers existing mortgages. Additionally, the bill expands the medical expense deduction, eliminates the Obamacare individual mandate tax, and maintains the deduction for charitable giving.
The legislation also makes American businesses more competitive internationally. Currently, US tax rates for businesses are among the highest in the industrialized world. This bill gives American companies a level playing field on the world stage and incentivizes them to hire new workers in the U.S., while small businesses will receive relief in the form of simplified accounting rules, improved expensing rules, and protection of the deduction for interest on loans.
Rep. Cook said, “This bill delivers crucial tax relief for middle-class and low-income Americans. Despite the misinformation being spread about this bill, the Tax Cuts and Jobs Act will provide more than 90 percent of taxpayers in my district with a tax break putting more money in their pockets. 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. The bill also simplifies the tax code and provides important relief to small businesses and job creators. I look forward to the Senate passing it and the President signing the bill before the end of the year.”
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.