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- Yucaipa Trout Derby to be held Saturday March 31 at the Yucaipa Regional Park
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Congressman Paul Cook votes in favor of H.R.1, the Tax Cuts and Jobs Act
Last week, the House of Representatives approved H.R. 1, the Tax Cuts and Jobs Act, on a 227-205 vote. Rep. Paul Cook (R-8th District-Apple Valley) voted in favor of the legislation which is intended to lower the tax rate for almost all Americans. Rep. Cook has stated that for an average family of four, within his district, the new tax rate will provide approximately $1,400 in annual savings.
“Despite the misinformation being spread about this bill, the Tax Cuts and Jobs Act will protect property tax and mortgage interest deductions for the vast majority of my constituents,” said Rep. Cook. “Twenty-five thousand additional families in my district will also become eligible for the child tax credit. Through these provisions, and most importantly, by doubling the standard deduction, Americans will be able to keep more of their money. Money in their pockets means better retirement savings, a better shot at a down payment for a home, and more money in local economies rather than federal coffers.”
If ultimately signed into law by President Trump, Americans will see these savings on taxes collected next year and pay a reduced amount by April 2019. The Tax Cuts and Jobs Act is planned to lower the income tax rate for all Americans — other than for the wealthiest Americans , where the tax rate remains unchanged — demonstrating a commitment to middle and working class Americans.
Although H.R. 1 eliminates or reduces a number of tax deductions, the reduced income tax rates and doubled “standard deduction” are planned to more than offset those changes for nearly all taxpayers in Cook’s district. Currently 65 percent of Cook’s constituents utilize the standard deduction when doing their taxes, rather than itemizing. Under H.R. 1, that standard deduction will double to $12,000 from $6,000 for individuals and to $24,000 from $12,000 for married couples. The Joint Committee on Taxation and the Tax Foundation claims that 91 percent of taxpayers in Cook’s district will have a lower tax liability through the doubling of the standard deduction alone.
Currently, US tax rates for businesses are among the highest in the industrialized world. Nationwide, this bill reduces taxes on American families and businesses by approximately $1.5 trillion over 10 years. The legislation also makes American businesses more competitive internationally.
Rep. Cook also pointed out that, “This bill also simplifies our tax code, significantly reducing the difficulties and costs involved in tax preparation. I urge the Senate to act swiftly to pass its own version of the tax legislation so we can get a bill to the President’s desk and provide real tax relief to the American people.”
Rep. Cook’s 8th District includes the city of Yucaipa. In addition to the Apple Valley District Office, Rep. Cook maintains a Yucaipa District Office at 34282 Yucaipa Blvd. in Yucaipa. The phone number is: 909-797-4900. Please call for the hours of availability before visiting the Yucaipa office.