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Shuster Votes for Historic Tax Cuts

WASHINGTON—The House of Representatives passed H.R. 1, the Tax Cuts and Jobs Act (TCJA), by a vote of 227-205. U.S. Representative Bill Shuster (R-Hollidaysburg) voted in favor.

“Today is a historic day for hard working Americans,” said Congressman Bill Shuster. “The Tax Cuts and Jobs Act will lower the burden on middle class families and small businesses in Pennsylvania and give the American economy a much needed shot in the arm. Small businesses are the backbone of an economy that needs to get moving, and today the House took a major step to lessen the burden on these job creators and hard working families.”

According to an analysis by the nonpartisan Joint Committee on Taxation, the TCJA provides tax relief for Americans at every income level. In addition to doubling the standard deduction, the TCJA increases the child tax credit significantly, from $1,000 to $1,600. According to the U.S. Chamber of Commerce, 47,750 taxpayers in Pennsylvania’s 9th Congressional District claim the child tax credit and will benefit from this increase.

The TCJA creates a new 9% tax rate on the first $75,000 of net income for active small business owners earning less than $150,000 through their business, and creates a new 25% tax rate for small businesses nationwide. According to the U.S. Chamber of Commerce, 36,894 taxpayers in Pennsylvania’s 9th District have small business income.

A key facet of the TCJA is simplifying the tax code. More than 55,000 taxpayers in the 9th District itemize their taxes under the current system. If the TCJA becomes law, it is estimated that 9 out of 10 Americans will be able to file their taxes on a post card. Today, 9 out of 10 Americans rely on a professional tax preparer or software to navigate the tax code.

The U.S. Chamber of Commerce found the TCJA will create 975,000 jobs nationwide and nearly 40,000 jobs in Pennsylvania, while raising the after-tax income for a middle class family in PA by $2,683.

“By making taxes simple and lowering rates, the Tax Cuts and Jobs Act will create more jobs, raise wages, and will make America a competitive place to do business again. I want to thank President Trump for his leadership on tax cuts and reform, and I look forward to seeing this legislation progress towards final law” said Congressman Shuster.

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