Upton, House pass Conference Report for Tax Cuts & Jobs Act, Senate action expected later this week
WASHINGTON – (RealEstateRama) — U.S. Rep. Fred Upton, R-St. Joseph, today joined the majority of his colleagues in the U.S. House in voting to advance the Conference Report for H.R. 1, the Tax Cuts & Jobs Act by a vote of 227 to 203. Upton released the following statement:
“With this vote, historic tax reform is one step closer to reality. Here’s what our plan does for individuals; it significantly increases the standard deduction, it expands the Child Tax Credit, preserves the Adoption Tax Credit, preserves the mortgage interest deduction, expands the medical expense deduction, continues the charitable contribution deduction, and more. We lower the corporate tax rate to 21 percent – down from the highest rate in the industrialized world and eliminate incentives to move Michigan jobs overseas. We also deliver significant tax relief to small businesses. At the end of the day this will be a big win for Michigan middle class families and our economy. After 31 years, it’s time to get this done.”
Local economic organizations support this tax reform opportunity as do national organizations such as the U.S. Chamber of Commerce, Business Roundtable, National Association of Manufacturers, National Federation of Independent Business, National Association of Home Builders, and more.
Learn more about what is in the tax reform package HERE.
Learn more about Upton’s work on tax reform HERE.
Lynn Turner/Tom Wilbur (202-225-3761/269-385-0039