BUDD VOTES TO PUT AMERICAN FAMILIES FIRST
U.S. Representative Ted Budd Votes In Favor Of Tax Cuts and Jobs Act
I am proud to have played a small part in finally delivering a tax bill that will put money back in the pockets of hardworking taxpayers and will make America more competitive and able to win around the world.
WASHINGTON -- US Representative Ted Budd (R-NC) released the following statement regarding the House passage of HR 1, Tax Cuts and Jobs Act:
“For over 30 years hardworking American families have been forced to put up with a broken tax code that puts special interest groups first. For too long Congress has thrown up the white flag in defeat against lobbyists and settled for preserving the status quo.
Today was a major step in changing that by passing a bill that gets rid of lobbyist loopholes and gives working families a tax cut that they have long deserved. Instead of the IRS taking their money and giving it to the wasteful federal government, these families will now be able to spend it how they see fit.
I am proud to have played a small part in finally delivering a tax bill that will put money back in the pockets of hardworking taxpayers and will make America more competitive and able to win around the world.”
Tax Cuts and Jobs Act will do the following for North Carolina working families:
Larger Child Tax Credit: The Tax Cuts and Jobs Act would increase the child tax credit from $1,000 per child to $1,600 in the 13th district of North Carolina
Tax Relief for Small Businesses: 59,053 taxpayers in the 13th district of North Carolina have small business income (a business that the taxpayer operated). The Tax Cuts and Jobs Act reduces taxes for small business owners. First the bill implements a new, lower 9% tax rate on the first $75,000 of net business income for active small business owners earning less than $150,00 through their business.
Simpler Taxes: 141,293 taxpayers in the 13th District itemize their taxes. As a result of near doubling of the standard deduction and the simplification, many taxpayers will have simpler returns. It is estimated that 9 out of 10 Americans will be able to file their taxes on postcard