Sam Johnson Statement on Final Tax Reform Bill
WASHINGTON, D.C. – Today, the U.S. House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1), the House and Senate’s tax reform bill.
After the vote, U.S. Congressman Sam Johnson (TX-03) released the following statement:
American families need tax relief that rewards their hard work and boosts the economy through much-needed pro-growth business reforms. Since the very beginning of the tax reform process, I have listened to constituents all across the district about their priorities and worked to do everything I can to make tax reform the best it can be. In particular, I am pleased that the final bill includes my commonsense idea to help better protect Americans’ retirement savings. The tax reform bill is a significant improvement from our current broken tax code. For example, it doubles the standard deduction for individuals and families, doubles the child tax credit to $2,000, cuts income tax rates on middle income Americans, provides critical tax relief for Main Street small businesses, encourages companies to invest and grow jobs in the U.S., and repeals Obamacare’s individual mandate tax. As a free market conservative, I’ve been fighting my entire career in Congress for tax relief and reform, and I am proud to vote for the Tax Cuts and Jobs Act in my final term.
The following legislation introduced by Congressman Johnson is included in the tax reform bill:
· Savings Enhancement by Alleviating Leakage in 401(k) Savings Act (SEAL Act - H.R. 2030). The SEAL Act would provide an extended repayment period for individuals who take out loans from their 401(k)s and later leave their jobs. Individuals would have until the tax filing deadline instead of only 60 days.