Rep. John Ratcliffe (R-Texas) voted today for the passage of the Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760) in the U.S. House of Representatives.
The bill safeguards the policies in the Tax Cuts and Job Act signed by President Trump last year, which will help unleash further economic development, wage growth and tax savings for middle-class families and small businesses in Northeast Texas.
“While it’s hard to believe that Democrats are denying that our country’s economic boom is a result of tax cuts, it’s even harder to believe that some have proposed stripping away our fairer, simpler tax code from the middle-class families and small business owners who benefit from it the most,” Ratcliffe said.
“I was proud to vote for new legislation that will protect tax cuts for Northeast Texans. When I visit places like 903 Brewers in Grayson County, or Cypress Bank in Camp County – business owners and employees tell me what a positive impact the Tax Cuts and Jobs Act is having. It’s my job to support policies that will ensure this success continues.”
By locking in tax cuts for the middle-class and small businesses, H.R. 6760 will create 1.5 million new jobs across the country and build wage growth beyond last year’s average $3,500 increase in Texas’ 4th District.
H.R. 6760 also ensures that key family-friendly tax provisions in the Tax Cuts and Jobs Act are preserved for Northeast Texans. It maintains lower tax rates for families, a doubled Child Tax Credit, a new Paid Family Leave Tax Credit, a doubled exemption from the Death Tax, and it eliminates the Alternative Minimum Tax for 96 percent of those who paid it last year.
The bill additionally supports small businesses by cementing a 20-percent deduction for pass-through business income, which has already allowed small businesses in Texas’ 4th District to invest thousands more into business development and employee wages since the Tax Cuts and Jobs Act was signed into law.
Click here for more info on the tax cut protection legislation recently voted for by Ratcliffe.