Cole Statement on the Passage of the Conference Report for the Tax Cuts and Jobs Act
December 19, 2017
Washington, D.C. – Congressman Tom Cole (OK-04) released the following statement after the passage of the Conference Report for H.R. 1, The Tax Cuts and Jobs Act. The Conference Report passed in the House by a vote of 227-203 with Cole’s support.
“The passage of the Tax Cuts and Jobs Act is a historic vote to overhaul our nation’s tax code," said Cole. "This is the first major reform in 31 years. I applaud Speaker Ryan, House Leadership, Chairman Brady and the Conference members for bringing forward a comprehensive and working tax bill, and achieving this major legislative accomplishment.
“Under this reform, the standard deduction most Americans use is doubled – to $12,000 and $24,000 for individuals and married couples, respectively. The additional child tax credit is increased to $2000, and becomes fully refundable up to $1400 and phases out for families making over $400,000. Further, to benefit all individual filers, the top rate for each bracket is lowered. Most American will receive a tax cut.
“This bill also represents a major tax reduction for businesses. We have lowered the corporate tax rate significantly from 35% to 21%, bringing businesses back to the United States and making our economy more competitive on the global stage. Every economic study shows that the reduction in the corporate rate will deliver economic growth and job opportunities.
“After substantial debate over the legislation, my colleagues on the Conference Committee were able to affect significant improvements and changes in the original House bill. To point out a few, the medical expense deduction was retained and the mortgage interest deduction will be allowed on home purchases below $750,000. Furthermore, I am pleased that the Conference Committee removed harmful language that would have forced thousands of graduate students to face significant yet unintended tax bills on tuition waivers.
“No tax reform bill is perfect and there are features in the current legislation which I will work to improve. However, on balance, this legislation is good news for most taxpayers and American businesses. It will lower taxes, promote faster economic growth and add more jobs. Again, I applaud my colleagues on this historic vote and I look forward to seeing this legislation reach the President’s desk.”