WASHINGTON, Dec. 20, 2017 /PRNewswire-USNewswire/ -- Today the Congress took a major step forward in reforming America's tax code as both chambers passed the final conference version of the Tax Cuts and Jobs Act (H.R. 1). This legislation is the first major overhaul of the country's tax code in over thirty years. The bill now goes to President Trump's desk to be signed into law. Family Research Council (FRC) commends Republican legislators in the House and Senate for advancing tax relief to millions of hardworking families.
Family Research Council President Tony Perkins released the following statement:
"While the final product is missing components that would have made H.R. 1 an outstanding bill, Congress has finally accomplished something big for the American people: the largest overhaul of the U.S. tax code since Ronald Reagan.
"The doubling of the child tax credit to $2,000 will provide immediate relief for parents and will bolster the economy further as these children become taxpayers one day. Strong families are the cornerstone of our society and providing relief for families with children is a major win for working low-income and middle-class families.
"The bill alleviates many marriage penalties in the tax code, which should never have been added to the tax code in the first place. We have long advocated for our government to foster the best environment for children and penalizing marriage has made no sense. With this bill, many families will save thousands of dollars in their taxes next year simply due to the elimination of marriage penalties from nearly all of the income tax brackets.
"The bill also helps families by allowing parents to save for their children's K-12 education at private and religious schools using tax-advantaged 529 education savings accounts.
"We are disappointed that Senate budget rules prevented this historic legislation from gutting the Johnson Amendment which has been used to stifle the free speech of non-profits and religious leaders on political matters and will continue to work with Congress to achieve this important goal. We are also disappointed the budget rules prevented recognition of unborn children as children in the tax code, and for excluding homeschooling families from benefiting from the expansion of 529 education savings accounts. One additional concern is that the increased standard deduction will create a disincentive for charitable giving.
"However, while not perfect, repealing the Obamacare individual mandate, expanding the child tax credit, removing most marriage penalties, expanding 529 plans for K-12 private schooling, lowering personal income tax rates, and lowering the tax burden on employers are a real benefit to the American family," concluded Perkins.
SOURCE Family Research Council