Tenney: Tax Reform will Unleash the Economy and Bring Jobs Back to America

Rep. Claudia Tenney

Congresswoman Claudia Tenney (NY-22) released the following statement after the passage of the Tax Cuts and Jobs Act:

“Tax reform is the key to unleashing the American Dream for all. Our current tax code is broken and riddled with loopholes that penalize success and hurt hardworking taxpayers. This changes today. The passage of the Tax Cuts and Jobs Act will provide critical relief to individuals and families while ensuring that job creators in 22nd District can compete on a level playing field. Our tax code will now reflect the values of fairness and hard work. Without these tax cuts, our economy will continue to be stagnant and American competitiveness will continue to suffer.

“Doubling the standard deduction will encourage more Americans to claim this popular deduction and eliminate the worry and stress of itemizing taxes each year. The bill also lowers rates and preserves important deductions that New Yorkers rely on. This bill will benefit low- to middle-income individuals and families with a tax structure that is easier to understand and more generous.

“Under this bill, the typical American family making $73,000 will see a tax cut of $2,059. A family with two children earning $52,967, the median household income in the 22nd District, would save $1,458, while a single filer with one child and an income of $30,000 would save $834. This means New Yorkers will receive an immediate raise in their January paychecks.

“I fought an uphill battle to include provisions facing elimination that are vital to seniors, single parents, struggling families and overly burdened job creators throughout the debate on tax reform. Last week, I urged House and Senate leadership to retain the deductibility of up to $10,000 of property taxes, the federal Historic Tax Credit (HTC), and provisions allowing for the deductibility of medical expenses. Despite the fact that these provisions faced the very real threat of elimination and were not included in the original bill, my efforts were ultimately successful in securing the Historic Tax Credit, expanding the SALT deduction, and continuing the deductibility of medical expenses, to assist our most vulnerable seniors in defraying high medial costs.

“In the 22nd District, where 99 percent of itemizers deduct less than $10,000 in property taxes, this provision will cover the overwhelming majority of property owners who own homes that are less than $450,000 in value.

“The SALT deduction is so important because it shields New Yorkers from the oppressive burden Albany places on our taxpayers. Governor Cuomo and Albany politicians have zero respect for the taxpayers. The Governor and liberals in the Assembly continue to increase our already bloated budget, causing taxes to skyrocket year after year for hardworking New Yorkers. This bill will provide relief on the federal level while finally taking a step to encourage fiscal responsibility from Albany.

“In my home state of New York, politicians in Albany have imposed one unfunded mandate after another on our local governments and local school districts. In turn, they have to pass this burden from the state down in the form of increased property taxes or cuts in services. This is wrong and it’s Albany’s fault. Nowhere is this more apparent than in the property taxes that my constituents pay. A 2013 study from the Brookings Tax Policy Center ranked more than 3,000 counties by their ratio of property tax to home value. All eight of the counties I represent in upstate New York, although far from wealthy, are in the top 36 nationwide. Cortland County comes in at No. 6 and Oswego County at No. 15.

“For struggling families and small businesses, the status quo is not working. Passing this bill is the first step to providing desperately needed relief.

“The Tax Cuts and Jobs Act Conference Report:

  • Lowers rates on virtually all income brackets.
  • Retains the State and Local Tax Deduction. Filers can now use the $10,000 cap for property tax and either income or sales tax.
  • Preserves the Medical Expense Deduction and lowers the threshold to 7.5 percent of adjusted gross income.
  • Preserves the Historic Tax Credit.
  • Doubles the Standard Deduction.
  • Doubles the Child Tax Credit.”

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