Duncan Statement on Tax Bill Passage
“Under the Tax Cuts and Jobs Act that passed today, a typical median income family of four will receive a tax cut of $2,059. The overwhelming majority of those who pay federal income taxes will get a cut under this bill.
Another major goal of this bill is to try to encourage companies to stay in the U.S. or re-locate here. To accomplish this we had to lower our corporate tax rate which was one of the highest in the world. This bill was not about trying to help billionaires - they don’t need any help.
We have far too many college graduates who are working as waiters and waitresses or are under-employed in other ways. This will help college graduates and others have a better chance to get higher-paying jobs.
I also was pleased that this bill doubled the Child Tax Credit and eliminated the Obamacare health insurance mandate in 2019. Over 80% of this mandate was placed on people making less than $50,000 a year.
No other bill in the Congress will do more to help keep jobs in this Country. Not only does this bill simplify our tax code, it provides much relief to the working families in East Tennessee.
While no bill is perfect, this legislation goes a long way toward leaving money in the private sector where it will continue to encourage economic growth.”