HISTORIC TAX REFORM WILL CONTINUE GROWING ECONOMIC MOMENTUM, SAYS REP. SCOTT DESJARLAIS

CONGRESSMAN VOTES FOR TAX CUTS AND JOBS ACT FOR TENNESSEE FAMILIES, SMALL BUSINESS

WASHINGTON, D.C. — The Tax Cuts and Jobs Act, legislation to reform the United States tax code for the first time in a generation, passed the House of Representatives today. Congressman Scott DesJarlais, M.D., voted to lower tax rates, double the standard deduction for individuals and families to save Tennesseans time and money, and to help more local businesses succeed.

            The Tax Cuts and Jobs Act also repatriates profits from leading American companies. “The U.S. corporate tax rate is among the highest in the world, and this country is one of just a few to tax American companies not once, but twice, driving innovation, investment and jobs overseas, explaining lackluster wage growth for many years,” said Rep. DesJarlais (TN-04).  

            “Another explanation is the dearth of small businesses, responsible for most job creation, which have been dying in this toxic tax and regulatory environment. Washington, especially the IRS, has suffocated entrepreneurs, including hardworking families,” he said.

            “Today’s legislation reverses policies that have enriched special interests and bureaucrats at the expense of middle-class Tennesseans who pay their salaries. This is a positive, forward-looking solution to persisting economic problems that stimulus and income redistribution never solved. My constituents want to keep more of their earnings to save, spend or invest as they like.”

            The Tax Cuts and Jobs Act repeals Obamacare’s individual mandate. Federal fines fall most heavily on those near the median income level, unable to afford expensive government insurance plans. To spur start-ups and domestic manufacturing, the House-Senate agreement allows businesses to immediately deduct a wider range of capital expenses, as well as a higher dollar amount.

            President Donald Trump has promised to sign the bill into law before Christmas.  

            “After a prolonged period of weak GDP and wage growth, finally beginning to recover, the country is ready for big changes. Republicans in Congress and the President are fulfilling our promise to Americans who deserve every opportunity to follow their dreams and reap the rewards. Ultimately, we all benefit from a healthy economy,” said Rep. DesJarlais.

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