Nebraska 3rd District Congressman Adrian Smith released the following statement Thursday after the Ways and Means Committee introduced the Tax Cuts and Jobs Act to overhaul America’s tax code for the first time in 31 years.
“Years of work have gone into this bill to create a simpler and fairer tax system for all Americans,” Smith said. “For too long, the overly complex, loophole-ridden tax code has harmed individuals and families trying to get ahead, stifled economic growth, and made our country uncompetitive in the global economy. Today marks the start of real relief.
“The tax reform bill doubles the standard deduction to allow Americans to keep more of what they earn, provides greater tax relief to families to help with the costs of raising children, and phases out the death tax to protect family farms and businesses. It also lowers our corporate tax rate, which is currently the highest in the industrialized world, to allow U.S. businesses to compete and incentivize them to invest their profits here at home.
“We are on track to have a bill on President Trump’s desk by the end of the year. A number of my Ways and Means colleagues and I met with the President at the White House today, where he expressed his full support for our legislation. Next week, our Committee will debate the bill and prepare it for a vote by the full House.
“This is the time to finally streamline the tax code and provide crucial relief to Americans at all income levels, and we are committed to getting it done.”