Tax Relief
On December 22, 2017, the Republican comprehensive tax reform package, H.R. 1, the Tax Cuts and Jobs Act, was signed into law by President Donald Trump. As your Member of Congress, I was proud to support this bill.
For too many years, the American people were unnecessarily burdened with a complicated web of rules and regulations and mountains of paperwork. We set out to change that. According to the non-partisan Joint Committee on Taxation, Americans across every single tax bracket and income level will see their taxes fall as a result of H.R. 1. More money flowing to American families means more money flowing through our economy and more money for Americans to save.
Another unfortunate side effect of our former tax code was that it forced American jobs overseas and effectively gave companies and businesses incentives to keep their money, profits, and business in general in other countries. Up until H.R. 1 passed, our nominal corporate tax rate was one of the highest in the world. By lowering the corporate tax rate from 35 percent to 21 percent, our tax code has once again become competitive when compared to other economically advanced nations. This will help American businesses stay competitive and create millions of new jobs.
In the past, companies simply kept profits in other countries to avoid the burdensome tax rate in the U.S. H.R. 1 incentivizes those companies to bring their profits back home, and will spur billions of dollars in investment back into the country. This corporate re-investment will bring a plethora of macro-economic benefits, and it will help employ thousands of Americans.
I’m proud that my efforts to reform our tax code have led me to be the recipient of the "Spirit of Enterprise” Award from the U.S. Chamber of Commerce and the “Taxpayer Hero” award from Citizens Against Government Waste, but our work is far from over. I’m committed to continually improving our tax system, so that the government takes less of hard-working Americans’ money.
The above are just a few examples of how H.R. 1 will stimulate the US economy and create millions of new jobs. However, they are just a small snapshot of everyone who was positively affected by the bill. If you would like to share your story about how tax reform helped you, please use the following link. I look forward to hearing from you.
More on Tax Relief
WASHINGTON, DC – Today, the U.S. House of Representatives passed a package of three bills, H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018, H.R. 6757, the Family Savings Act of 2018, and H.R. 6756, the American Innovation Act of 2018, to build upon the accomplishments of the Tax Cuts & Jobs Act. U.S. Congressman Pete Sessions (R-TX), Chairman of the House Rules Committee, issued the following statement after voting in support of this package to lock in the tax cuts for families and job creators of all sizes:
By Congressman Pete Sessions (R-TX)
The tax reform we enacted last year is producing results. Instead of having the highest corporate tax rate in the developed world, the United States is a more attractive place to work and save and invest.
Yet our work isn’t done. We need another round of reforms – focused on middle-income families. Here are elements that should be part of that package and that should appeal to members of both political parties.
The tax reform we enacted last year is producing results. Instead of having the highest corporate tax rate in the developed world, the United States is a more attractive place to work and save and invest.
Yet our work isn’t done. We need another round of reforms – focused on middle-income families. Here are elements that should be part of that package and that should appeal to members of both political parties.
WASHINGTON, D.C. – Congressman Pete Sessions (TX-32) today led 24 of his colleagues in introducing a resolution to provide support to religious leaders and ensure their continued access to affordable housing in the communities they serve. H. Con. Res. 129 expresses support for the longstanding “Parsonage Allowance,” which allows ministers of many different faiths an exclusion from income for their housing.
WASHINGTON, D.C. - U.S. Congressman Pete Sessions (R-TX), Chairman of the House Committee on Rules, released the following statement applauding the passage of the tax reform package:
"Today is a historic day. We are reforming a broken, complicated system that has held back our economy, hindered job growth, and burdened families with costly taxes for far too long. We are closing the door on lackluster GDP numbers and opening up a new chapter of robust economic growth.
WASHINGTON, D.C. – U.S. Congressman Pete Sessions (R-TX), Chairman of the House Committee on Rules, released the following statement after sending a letter to Members of Leadership urging them to keep the income exclusion for graduate tuition waivers in the tax reform package:
WASHINGTON, D.C. – U.S. Congressman Pete Sessions (R-TX), Chairman of the House Committee on Rules, released the following statement applauding the passage of the pro-growth tax reform package:
WASHINGTON, D.C. - U.S. Congressman Pete Sessions (R-TX), Chairman of the House Committee on Rules, released the following statement after the passage of a measure to provide tax relief for those impacted by Hurricanes Harvey, Irma, and Maria, make pro-consumer flood insurance reforms, and extend the funding of the Airport and Airway Trust Fund:
WASHINGTON, DC – U.S. Congressman Pete Sessions (R-TX), Chairman of the House Rules Committee, today issued the following statement after voting in favor of a bill to repeal the increase in the income threshold used to determine eligibility for the tax deduction for medical care expenses: