The U.S. Senate voted 51-49 in favor of a major tax reform package during the wee-hours of the morning. Georgia’s U.S. Senators Johnny Isakson (R-GA) and David Perdue (R-GA) both voted to support the measure.
According to Isakson, highlights of the Senate bill for individuals and families include:
- Doubling the standard deduction,
- Doubling the child tax credit, and
- Cutting individual income tax rates across the board.
Additionally, the legislation overhauls the U.S. corporate tax system by lowering rates, and adopts new international tax rules removing the incentive to move U.S. headquarters overseas.
“I am so proud to cast a vote in favor of the Senate’s Tax Cuts and Jobs Act because it is an investment in the middle class, 21st century jobs and higher economic growth—all of which will be good for Georgians, Americans and their families. With this vote, we have demonstrated our commitment to providing stronger economic growth, increased wages and a higher standard of living for hardworking Americans and their families,” says Isakson, a member of the U.S. Senate Committee on Finance with jurisdiction over tax reform.
“Americans are the big winners in this once-in-a-generation opportunity. This plan will empower Americans by allowing them to keep more of their hard-earned money rather than sending it to Washington for someone else to decide how it will be spent.”
U.S. Senator David Perdue (R-GA), a member of the Senate Budget Committee, released the following statement:
“For years, American workers and companies have struggled to compete with the rest of the world. Not anymore. Today, we delivered on an historic opportunity to cut taxes and fix the archaic tax code. This is a major win for the American people. Lower tax rates for individuals and businesses will raise wages, grow the economy, and make our country competitive again. We will see a boost in consumer and CEO confidence, which have already reached their highest levels in decades. As a business guy, I know these tax changes will stimulate the economy and create the growth we need to solve this debt crisis.”
The next legislative step is to convene a House-Senate conference committee to resolve differences between the two chambers’ bills. The House and Senate must each pass the new reconciled bill before it can go to the president to be signed into law.