WASHINGTON, D.C. – Today, Congressman Austin Scott (GA-08) released the following statement upon the U.S. House of Representatives passing the Conference Report to Accompany H.R. 1 - Tax Cuts and Jobs Act:

“For families across Georgia, today’s legislation means more jobs, more take-home pay, and more money in their own pockets,” said Rep. Scott. “While I am very happy with the first major overhaul of our tax code in over thirty years, there is still a lot of work to be done getting our economy back on track, and I look forward to continuing to work with the Trump Administration and my colleagues in Congress to expand our economy, grow wages, and ease burdensome federal regulations.”

Highlights of the bill include:

• Lowers individual tax rates for all Americans;
• Significantly increases the standard deduction from $6,500 to $12,000 for individuals and from $13,000 to $24,000 for married couples;
• Eliminates special-interest deductions;
• Eliminates the Affordable Care Act’s (ACA) individual mandate tax;
• Establishes a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $2,000;
• Preserves the Earned Income Tax Credit and the home mortgage interest deduction for existing mortgages and maintains the home mortgage deduction for newly purchased homes up to $750,000;
• Lowers the corporate rate to 21%, down from 35%; and,
• Reduces the tax rate on small business to no more than 29.6%.

Click here for policy highlights of the Conference Report to Accompany H.R. 1 - Tax Cuts and Jobs Act.

-30-