I am proud to say that for the first time in decades, we were able to pass meaningful tax reform – the Tax Cut and Jobs Act.
This new tax code is not only simple and fair but will provide better opportunities and bigger paychecks for hardworking Utahans and their families.
The greatest changes this bill will provide to the existing tax code include reducing tax rates for businesses and individual citizens, limiting deductions for state and local income taxes, reducing the alternative minimum tax for individuals, and eliminating it for corporations. The average American household will have their taxes reduced by more than $1,600 in 2018, which will boost average household incomes by 2.2%.
Already, we are seeing the effects from this piece of legislation. In January, Silicon Valley giant Apple announced that it was bringing back $252 billion in cash into the United States that had been held abroad, while introducing 20,000 new jobs in the U.S. Large companies like Cisco, General Electric, Microsoft, and others are following suit and bringing more business back into the United States. Other companies like Walmart, AT&T, Southwest, and Comcast are increasing benefits and pay for their employees because of this incredible bill.
As a member of Congress and a representative from Utah, I will continue to fight for legislation that keeps taxes low and eliminates unnecessary fiscal waste so that Utahans will have better job opportunities and larger bank accounts.