12.20.17

Gardner Statement on Historic Tax Relief Legislation Passing Senate

Washington, D.C. – Senator Cory Gardner (R-CO) released the below statement following the Senate’s approval of the tax relief legislation: 

“After 31 years, the American people will no longer be forced to deal with an Atari-era tax code that is outdated and overly complicated. Congress has finally answered the call to cut taxes and reform the tax code, and I’m proud to help deliver this relief to all of Colorado. At the beginning of this process, my goal was to bring relief to hardworking Coloradans throughout the four corners of our great state, and I’m proud that after months of work we have achieved this goal. Coloradans at every income level will receive a tax cut and popular provisions that help hardworking Coloradans like greater tax relief for childcare services, the student loan interest deduction, the medical expense deduction, and tax breaks for teachers are all part of the final bill. 

 

“After years of complacency and being told we have to accept meager economic growth, the American people will once again see their economy accelerate. This tax relief package will lead to economic growth, higher wages, and more jobs. The American people sent their representatives to Washington to bring relief and I’m proud to have delivered on this promise during the first year of a unified Republican government.”

Click here to download the video statement.

Click here for audio of Gardner’s statement.

 

Background on Tax Relief Legislation 

The nonpartisan Tax Foundation concludes that the legislation would boost long-run GDP, create 339,000 new full-time equivalent jobs, and increase wages.

 

Impact on individuals and families

  • It lowers the individual tax rates for low-and middle-income Americans by expanding the zero tax bracket and maintaining the 10 percent bracket. This is to ensure that the people seeing the most positive outcome from this legislation are low and middle income Coloradans
  • It doubles the standard deduction to protect even more income from being considered taxable income. This would help tens of millions of Americans by increasing the amount of income shielded from taxation while simultaneously simplifying their income taxes 
  • A family of four receiving the median family income ($73,000) would see a tax cut of more than $2,000 
  • A single parent with two children and an income of $52,000 will see a tax cut of nearly $1,900 
  • Expands the child tax credit from $1,000 to $2,000 and increases the refundable portion to $1,400
  • It also protects benefits like the adoption tax credit, student loan interest deduction, the medical expense deduction, and the deduction for charitable contributions

Impact on small businesses and job creation

  • It reduces the corporate tax rate from 35% (which is the highest in the industrialized world) to 21%, which puts American businesses on a level playing field with competitors in other countries
  • It also gives tax relief to Main Street’s job creators by creating the first ever 20% deduction for pass through businesses
  • It will lead to new jobs and investments by allowing these businesses to keep more of their profits to invest back into their businesses