Rep. Kinzinger Votes to Overhaul America’s Tax Code
Today, Congressman Adam Kinzinger (R-IL) voted in favor of H.R. 1, the Tax Cut and Jobs Act to overhaul the 1986 tax code and bring the American tax system into the 21st Century.
Washington, DC – Today, Congressman Adam Kinzinger (R-IL) voted in favor of H.R. 1, the Tax Cut and Jobs Act to overhaul the 1986 tax code and bring the American tax system into the 21st Century. Following the House passage of this bill, Congressman Kinzinger released the following statement:
“Today, we delivered on our promise to simplify the tax code and provide financial relief for millions of hard-working, middle-class, and job-creating Americans. The Tax Cuts and Jobs Act is a monumental victory for the American people.
“Our current tax code is outdated and complicated, and has left our economy stagnant. Through this legislation, Congress is able to streamline the tax code and provide significant tax relief, all while maintaining revenue-generating, pro-growth provisions. This legislation doubles the standard deduction, which helps millions of Americans, including the 70% of taxpayers in my district who file using the standard deduction. And for those who itemize deductions, there will still be a significant tax cut for most filers. The individual tax rates will be lowered across the board and people will be able to deduct up to $10,000 for state and local taxes on property, income, and sales transactions.
“According to the non-partisan Tax Foundation, the State of Illinois stands to gain tens of thousands of full-time equivalent jobs from this legislation. During this process, I spoke out to ensure the New Markets Tax Credit and Historic Tax Credit would be preserved, and I’m glad to see these provisions included in the final bill. In my district and across Illinois, the these tax credits are important in terms of incentivizing businesses and jumpstarting an economy that has suffered over the years. Across the country, these credits support billions of dollars in investments, create or sustain hundreds of thousands of jobs, and bring significant tax revenue to all levels of government.
“Today, I voted to bring our tax code into the 21st Century with more jobs, fairer taxes, and bigger paychecks to the American people. By closing many special interest loopholes, our economy can now generate in a way that puts more money back into the pockets of the hard-working American families – and that is a win we should all be celebrating.”