Davis Bill to Make Middle-Class Tax Cuts Permanent Passes House
U.S. Rep. Rodney Davis (R-Ill.) released the following statement after his bill, H.R. 6760, the Protecting Family and Small Business Tax Cuts Act, passed the House by a vote of 220-191.
"Last December, this Congress passed the Tax Cuts and Jobs Act," said Davis. "That legislation was the first major tax reform in 31 years and delivered on our promise to bring relief to middle-class families across this country. Today, I am proud the House voted to make those tax cuts permanent and put more money in peoples' pockets. This bill represents our continued commitment to the millions of hardworking middle-class Americans who have benefited from the tax cuts enacted last year."
Background on H.R. 6760
H.R. 6760 would make permanent the tax provisions for individuals and pass-through entities in the Tax Cuts and Jobs Act, including:
-Lower rates ensure individuals at every income level will see a tax cut.
-Based on IRS numbers, the average family of four making the country's median income of $78,509 will receive a $2,224 tax cut.
-Doubles the standard deduction to $12,000/$24,000, which nearly three in four people in Illinois currently takes.
-Doubles the Child Tax Credit to $2,000 with up to $1,400 refundable.
-Retains popular deductions like mortgage interest (capped at $750,000 for new homes), state and local taxes (SALT) (capped at $10,000), medical expenses, and charitable deductions.
-Simplifies so nearly 90% of Americans will be able to file their taxes on a postcard
-A first ever 20% tax deduction for small business owners who are the backbone of our Main Streets.
56 Groups Levy Support for Cutting Taxes
Joint Economic Committee: Permanent Tax Relief = Even Fairer Taxes for the Middle Class
Heritage Foundation: Here Are 3 Major Ways Tax Reform 2.0 Would Help Americans