U.S. House of Representatives Unveils Pro-Growth Tax Reform Plan

WASHINGTON, DC: On November 2, the U.S. House of Representatives unveiled its tax reform plan, entitled the Tax Cuts and Jobs Act. Congressman Andy Harris (MD-01) issued the following statement in support of the legislation:

“The Tax Cuts and Jobs Act is a win for middle class families and businesses that create American jobs in a global marketplace. Under this bill, a typical middle-income family of four earning $59,000 annually will receive a $1,182 tax cut. This legislation doubles the standard deduction, expands the Child Tax Credit, and maintains 401(k) and IRA retirement plans.

America’s small family owned businesses and larger employers will receive tax cuts as well – allowing businesses to invest and grow, and encouraging them to return outsourced jobs to the United States. The Tax Cuts and Jobs Act will stimulate economic growth and increase America’s competitiveness in the global economy.”