Walden says GOP tax reform will help middle class
Rep. Greg Walden, R-Ore., released a statement Friday on the Tax Cuts and Jobs Act, which he says will help bring tax relief to middle-class families in Oregon and grow America’s economy.
Here’s the congressman’s statement, in full:
“This plan will bring much-needed tax relief for hardworking, middle-class families in Oregon and allow them to keep more of what they have earned. That has been my goal and focus from the beginning,” said Walden. “I have been working closely with my colleagues to improve the bill based on feedback I have heard from Oregonians, and I am encouraged to see the changes incorporated into this final plan.
“By expanding the ability for Oregon taxpayers to deduct up to $10,000 in combined state income and property taxes, the final plan helps bring further relief to people who currently itemize their taxes. I also worked hard with my colleagues to preserve tax-exempt private activity bonds, which are incredibly important for economic development, affordable housing, and veterans housing projects across Oregon. We have made progress for our students, Oregonians with high medical expenses, Oregon craft brewers and winemakers, and large employers in our state as well.
“These improvements build on the strong foundation of the Tax Cuts and Jobs Act passed in the House. By nearly doubling the standard deduction, expanding the child tax credit, lowering tax rates across the board, and finally giving American companies a competitive corporate rate, this pro-growth plan makes our tax code work better for middle-class Oregonians and people across the country. I look forward to working alongside my colleagues to get our plan across the finish line and to the President’s desk.”
Walden has been working alongside House Ways & Means Committee Chairman Kevin Brady and leaders in both the House and Senate to incorporate changes into the final agreement. Importantly, the bill released today includes specific provisions particularly important for Oregonians including:
State and Local Tax Deductions: Oregonians who itemize their taxes will be able to deduct a combined $10,000 in state property and income taxes
Private Activity Bonds: Preserves the tax-exempt private activity bonds used to support economic development and affordable housing projects in Oregon.
Student Loan Interest: Preserves the tax deduction for interest paid on federal student loans
Medical Expense Deduction: Preserves the ability for Oregonians who itemize to deduct qualified medical expenses
Craft Beverage Modernization: Reduces excise taxes on small craft brewers and winemakers in Oregon
Corporate Alternative Minimum Tax (AMT): Repeals the corporate alternative minimum tax, which is important for large employers in Oregon like Nike
According to data from the Internal Revenue Service (IRS) and reports from the nonpartisan Tax Foundation, the Tax Cuts and Jobs Act will positively impact Oregon by:
Benefits for Oregon’s Second District
Doubled Standard Deduction: 224,588 (68%) taxpayers in the 2nd District take the standard deduction under current law. By doubling the standard deduction, these taxpayers will see an immediate tax break under the Tax Cuts and Jobs Act.
Increased Child Tax Credit: 50,193 taxpayers in the 2nd District claim the child tax credit. The Tax Cuts and Jobs Act doubles the child tax credit from $1,000 per child to $2,000.
Tax Relief for Small Businesses: 50,650 taxpayers in the 2nd District have small business income (a business that the taxpayer operated). The Tax Cuts and Jobs Act reduces taxes for small business owners by providing a 20 percent tax deduction on the first $315,000 of income.
Simpler Taxes: 104,189 taxpayers in the 2nd District itemize their taxes. As a result of the near doubling of the standard deduction and other simplifications, many taxpayers will have much simpler returns. It is estimated that 9 out of 10 Americans will be able to file their taxes on a postcard.
For more information on the Tax Cuts and Jobs Act, please click here.
