Dec 19 2017
Sen. John Kennedy (R-La.) Helps Pass Once-In-A-Generation Tax Cuts For The American People
“This bill will help every single Louisiana family, and I am proud to be a part of this historic moment.” –said Sen. Kennedy
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) voted today to pass a once-in-a-generation series of tax cuts. By voting for the bill, Sen. Kennedy made sweeping reforms to America’s antiquated tax code while delivering on his campaign promise to lower taxes and help get the economy moving again.
“This bill helps every single Louisiana family by putting more dollars into their paychecks instead of federal coffers. New jobs get created when families spend those dollars. It’s Economics 101,” said Sen. Kennedy. “We doubled the standard deduction. We more than doubled the child tax credit. We lowered tax rates. I’ve said it before, and I’ll say it again: This bill is about tax cuts, jobs, and more jobs. We have delivered on both. We’ve finally given families and businesses meaningful tax cuts. We’re giving them the tools to dream and to build and to prosper. ”
Highlights from the legislation:
- Increases Take-Home Pay: The typical family of four will receive a tax cut of $2,059.
- Lowers Tax Brackets: The new tax brackets are 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
- Doubles the Standard Deduction: For an individual, the standard deduction goes from $6,350 to $12,700. For a married couple, it goes from $12,000 to $24,000.
- Doubles the Child Tax Credit: The child tax credit is doubled from the current $1,000 to $2,000, and more parents are allowed to claim the credit.
- Repeals Obamacare’s Individual Mandate: Repealing this unpopular tax will help provide additional relief to low- and middle-income families.
- 135,510 people in Louisiana paid the individual mandate tax penalty in 2014 rather than purchase insurance.
- Builds Families: The Adoption Tax Credit is preserved, which ensures that the adoption process remains accessible and affordable.
- Supports Teachers: The Educator Expense Deduction is retained, allowing teachers to claim a deduction for money they spend out of pocket on their classrooms. This tax deduction helps teachers who selflessly spend their own money on school supplies.
- Preserves Historic Tax Credit: By preserving the Historic Tax Credit (HTC), Louisiana’s historic properties and communities will continue to be revitalized and create new economic opportunities.
- Provides A Two Year Boost In GOMESA Funding: Under current estimates, Louisiana will receive an additional $100 million in revenue under the Gulf of Mexico Energy Security Act until 2020 and 2021. This would allow our state to invest in priorities such as coastal restoration and hurricane protection.