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Luetkemeyer Supports Tax Cuts and Jobs Act in the House of Representatives

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Washington, November 16, 2017 | comments
U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after the House of Representatives passed the Tax Cuts and Jobs Act.
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U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after the House of Representatives passed the Tax Cuts and Jobs Act.

“Today marks a truly historic day. After years of listening to the American people, the House of Representatives passed a pro-family, pro-growth tax reform bill,” Luetkemeyer said. “The Tax Cuts and Jobs Act will lead to the creation of an additional 19,166 jobs in Missouri and raise after tax income for middle class Missouri families by $2,421. Additionally, the 62,280 families in the 3rd District who claim the child tax credit will see an increased credit from $1,000 to $1,600 per child. This is a major step toward giving Americans the tax system they deserve and providing our economy the boost it needs to create more jobs and increase pay for Missouri families.”

As reported by the U.S. Chamber of Commerce, at a national level, the Tax Cuts and Jobs Act will lead to the creation of an additional 975,000 jobs and generate economic growth sufficient to increase federal tax receipts by $1 trillion.

In addition, 47,367 taxpayers in Missouri’s 3rd District have small business income. This legislation reduces taxes for small business owners by implementing a new, lower nine percent tax rate on the first $75,000 of net business income for active small business owners earning less than $150,000 through their businesses. In addition, the bill lowers taxes on small business investment by creating a new 25 percent small business tax rate.   

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Tags: Taxes

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