11.17.17

Enzi applauds Senate committee passage of tax reform bill

Washington, D.C. – U.S. Senator Mike Enzi, R-Wyo., applauded the Senate Finance Committee’s passage of a tax reform proposal today. Enzi said it would help put more money back in people’s pockets in every tax bracket.

“Tax reform is about letting people keep more of what they earn in order to help grow the economy and create jobs in Wyoming. This tax bill would do just that,” Enzi said. “It would provide tax cuts for lower and middle-income hardworking American families. When people have more money, that helps grow the economy, create more jobs and that will help raise wages. Small businesses would also see changes to help lower their tax rate so they can invest more of what they earn back into the community.”

Enzi is a member of the Senate Finance Committee, which has been debating and voting on amendments to the tax reform proposal, known as the “Tax Cuts and Jobs Act”, throughout the week.

Along with reducing taxes on average in every tax bracket, the tax reform bill would double the standard deduction, creating a larger “zero” tax bracket for low income individuals, and it would double the child tax credit to $2,000 to help struggling families.

Enzi’s long-time legislative priorities on international tax reform are also in the bill, including efforts to encourage U.S.-headquartered, multinational companies to bring their money back to the U.S. and create a level playing field for American companies to grow at home.

The proposal would eliminate the Obamacare tax that is imposed on people who can’t afford to buy health insurance, known as the individual mandate. This fine mostly hits people who make less than $50,000. Enzi said the bill would not take away anybody’s health insurance or premium tax credits. It would just take away the tax penalty.

The Senate as a whole is expected to take up the Finance Committee legislation after Thanksgiving. The House passed its own version of the legislation today.

# # #