WYOMING –
UPDATE (11:05pm): Bill is passed by Senate.
Enzi:
The Senate just passed historic tax reform legislation to help hardworking Americans. I am confident that under this bill, people can expect to see more money in their pockets and a stronger economy. It would cut tax rates across the board, nearly double the standard deduction, double the child-tax credit, essentially eliminate Obamacare’s individual mandate and more. These savings would result in a typical American family of four, earning the median family income of $73,000, seeing their taxes drop by more than $2,000. The bill would also provide tax relief for small and large businesses to help them invest in our communities to grow the economy. It also provides meaningful international tax reform to incentives companies to keep jobs at home, while allowing them to compete overseas. The legislation is truly about making a better future for folks in Wyoming and across the country.
Barrasso:
Today, Congress passed a once-in-a-generation tax relief bill that will allow people in Wyoming and across the country to keep more of their hard-earned money. Americans will now have a simpler, fairer tax code that will grow our economy, increase wages, and create jobs.
In addition to lowering the rates Americans have to pay, the bill doubles the child tax credit, allows more medical-expense deductions and keeps tax relief for retirement savings, charitable giving and mortgage interest. It nearly doubles the standard deduction to let folks keep more of their paychecks and save time when they file their taxes.
It also repeals one of the most unfair parts of Obamacare – the individual mandate tax. This means Americans will no longer pay a penalty if they decide that overpriced Obamacare insurance is not right for them.
I have always believed the best way for Washington to give Americans the most value for their money is to let them keep it at home. This bill does that, while making American businesses more competitive and unleashing the full potential of our economy.
WYOMING – As it works through final deliberations in the Senate, the tax reform bill received the backing of US Sens. Mike Enzi and John Barrasso, and Congressman Liz Cheney.
Enzi said it is a win for millions of hardworking Americans and Wyomingites.
“Throughout my work on this bill, I have carried with me the many lessons I’ve learned from when I owned and operated a small business and worked as an accountant,” Enzi said. “I have been led by one singular purpose—to help improve the lives of millions of hardworking American families, especially the residents in my own state of Wyoming. I believe this bill would provide help for individuals and families to move up the economic ladder. Our country needs this bill. Hardworking American families need it, and they deserve to have the opportunity to make more choices about how their hard-earned money should be used.
Barrasso chose to highlight the break from the Obama administration the bill represents.
“Congress is set to pass a historic tax reform bill that will repeal one of the most unfair parts of Obamacare—the individual mandate tax. This means Americans will no longer pay a penalty if they decide that overpriced Obamacare insurance is not right for them,” he said.
Cheney was pleased the bill made it through the House side.
“Today the House of Representatives passed important legislation to cut taxes and simplify our out-of-date tax code,” Cheney said. “I’m pleased Congress seized this historic opportunity to provide tax relief for Wyoming families and job creators. Allowing Wyoming families and businesses to keep more of their hard-earned money will encourage additional investment in our economy and help our local businesses expand, generating economic growth and creating new jobs for Wyoming.”
