Gardner Statement on Passage of Historic Tax Relief Legislation
Washington, D.C. – Senator Cory Gardner (R-CO) today released the below statement following the Senate’s passage of tax relief legislation.
This legislation lowers the individual tax rates for low-and middle-income Americans by expanding the zero tax bracket and maintaining the 10 percent bracket. It doubles the standard deduction to reduce the amount of taxable income and expands the child tax credit from $1,000 to $2,000. It also protects deductions like the adoption tax credit, and the home mortgage interest deduction. Multiple analyses show that these pro-growth reforms will not just lead to thousands of dollars in lower taxes for middle class families, but also grow wages by thousands. Americans in every income group will have lower taxes.
“For too long, too many Coloradans have felt left behind. They have been forced to cope with a tax system that favors the elites and gives advantages to those who know how to game the system. Today marks a historic day for our country. It has been over 30 years since Congress has passed major tax reform and I’m excited to bring tax relief to millions of Coloradans,” said Gardner. “Coloradans will keep more of their own money in their own pockets, and the American people will be able to invest their savings the way they want to, not how Washington dictates.”
The Senate plan also calls for lowering the corporate tax rate to 20%. For years both sides of the aisle have recognized that our corporate tax code is uncompetitive and causing companies to leave the country in search of lower taxes. Even President Obama in his 2011 State of the Union Address advocated for lowering the corporate tax rate, saying, “For example, over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries. Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense, and it has to change."
Gardner added: “We know workers bear much of the burden of the corporate tax rate and lowering the corporate tax rate will lead to bigger paychecks for hardworking Coloradans. The United States has the highest corporate tax rate in the industrialized world and in order for our businesses to be competitive, this must change. Businesses will finally bring their profits back to the United States and reinvest those dollars into their operation, which will lead to economic growth. Our country will see an economic resurgence as a result of this legislation and I’m proud to deliver tax relief to Colorado.”
Click here to view Gardner’s video statement.
Click here for audio of Gardner’s statement.
Cory Gardner is a member of the U.S. Senate serving Colorado. He sits on the Energy & Natural Resources Committee, the Foreign Relations Committee, the Commerce, Science, & Transportation Committee, and the Budget Committee, and is the Chairman of the Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy and Subcommittee on Energy
354 Russell Senate Office Building, Washington, DC 20515
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