Commentary: Congressman Steve Pearce released the following statement after the U.S. House of Representatives passed H.R. 1, the Tax Cuts & Jobs Act:
“The current 70,000-page tax code is outdated and too complicated. It simply doesn’t work for New Mexican and American families. Passage of the Tax Cuts & Jobs Act provides relief for lower- and middle-income families and creates more, better paying jobs.
Study after study has shown this bill will help the economy grow and raise wages for the average household in America. By consolidating the seven tax brackets to four, and doubling the standard deduction, the New Mexican families around the State will be able to keep more of their own paycheck. More hard-earned money in the pockets of families means, a greater ability to save for children’s education, to save more for retirement, or to save for emergency expenses.
Small businesses remain the backbone of our communities. To support them, this bill reduces their taxes so that they can invest where it matters most – their business. With this change we will see greater expansion of our New Mexico companies, more job opportunities, and better wages.
I agree with you – the tax code is currently weighted against hard-working people and families. The House acted to end this imbalance today. With this bill, we’ll see more New Mexican businesses thrive, more jobs become available, and, ultimately, a more prosperous future for our children and grandchildren.”
According to the U.S. Chamber of Commerce, the Tax Cuts & Jobs Act will create an additional 5,600 jobs in New Mexico. This bill is also expected to raise the after-tax income for middle-class families in New Mexico by nearly $2,100. The U.S. Chamber of Commerce also expects that nearly 50,000 taxpayers in New Mexico’s Second Congressional District will benefit from the increase in the child tax credit provided in this bill, and will provide relief for 36,900 small business owners. To read the full U.S. Chamber of Commerce fact sheet, clickhere.