Following its passage, Roe issued the following statement through his spokesman:
“An overhaul of our tax code hasn’t occurred in 31 years. Today, the House seized a once-in-a-generation opportunity to provide tax relief to every American family and business. I’m very proud of the work done by the House and Senate, especially considering the tax relief the First District will see from this commonsense, pro-growth package. This bill is a win for East Tennesseans, and the proof will be in Tennesseans’ paychecks.
“The Tax Cuts and Jobs Act lowers individual rates for every American. Already, 85 percent of East Tennesseans take the standard deduction, so by nearly doubling the standard deduction to $12,000 for individuals and to $24,000 for families, even more East Tennesseans will be able to file their taxes on a simplified form. This bill will double the Child Tax Credit from $1,000 to $2,000 to help with the cost of raising children, and provides relief from the death tax that hurts family-owned farms and businesses. In addition, I’m very pleased we were successful in protecting Americans from Obamacare by repealing the individual mandate penalty tax so families can decide what health insurance works best for them.
“In addition to the tax relief we are providing to individuals and families, we are making our country’s business tax climate far more competitive to incentivize businesses to invest in jobs right here at home. By lowering the corporate and small business tax rates, we are helping grow our economy. These are just a few of the many provisions in this tax relief bill that will benefit all Americans.
“I am excited about what tax reform will do to boost the economy in the First District and around the country, and I look forward to seeing our president sign this bill into law.”
House first passed its tax reform legislation on Nov. 16, followed by the Senate passing its tax reform bill on Dec. 2. The conference committee released the conference report on Dec. 13, which reconciled the differences between the House and Senate bill.
Several media outlets are reporting that the Senate could vote on the same version of the bill later this evening, and President Donald Trump could sign it into law as soon as Wednesday.