Congressman Andy Barr (KY-06) today voted in favor of H.R. 1, the Tax Cuts and Jobs Act, the first comprehensive tax reform legislation to pass the House of Representatives since the Tax Reform Act of 1986.
“Today, House Republicans have kept our promise to provide relief to American families and grow our economy by reforming our broken and overly-complex tax code,” said Congressman Barr. “This needed legislation will allow hard working American taxpayers to keep more of their paychecks, simplify the code by eliminating special interests loopholes, and make our businesses more competitive so that we can keep more jobs here at home.”
“Importantly, this bill will provide tax relief to the low- and middle-income Kentuckians who need it the most. The bill takes the lowest 10 percent tax bracket to zero, and doubles the standard deduction, meaning hardworking Americans can immediately take home more of their paychecks. Specifically, the first $24,000 in family income will be completely tax free under this plan. We are nearly doubling the child tax credit and the top tax rate of 39.6 percent will remain for the highest income earners.”
A study by the non-partisan Tax Foundation found that in Kentucky this legislation will create 11,782 new full time jobs and increase take home pay by $1,724 for Kentucky households making the median income.