Rooney, House Pass Tax Cuts And Jobs Act
WASHINGTON, D.C. – Today, the House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1) a landmark comprehensive tax reform package that Congressman Rooney voted in favor of.
“This legislation is a once in a generation tax reform plan that will give the middle class families in my district the relief that they need and allow American families more control over the money that they have worked hard to earn. This is your money – not Washington’s,” said Rooney. “Furthermore, the reforms in this bill will unleash our economy in a way that we haven’t seen in decades. I am happy that we are one step closer to providing this long overdue tax relief to our constituents that we’ve been promising to deliver for nearly a decade.”
The Tax Cuts and Jobs Act contains a number of important reforms to the tax code. These changes are meant to make the tax code simpler and fairer, resulting in savings for middle and working class Americans and American businesses. One important measure is the doubling of the death tax exemption with an eventual repeal in 2024.
“The repeal of the death tax is a big win for farmers and ranchers in my district, whose families have been a part of Florida’s agriculture industry for generations,” Rooney added. “Most farmers inherit land, not millions of dollars in liquid assets. This means that the only way for them to pay the death tax is to sell half of their family’s land. That runs completely contrary to what the American dream is all about, building a better life to pass onto your children. Repealing this tax – quite simply – will make sure that Florida’s family farms can continue to help feed our nation for generations to come.”
The Tax Cuts and Jobs Act passed the Floor of the House by a vote of 227-205.