Foxx Supports Path to Tax Reform
WASHINGTON – Rep. Virginia Foxx, R-N.C., today voted in favor of the House budget resolution as amended by the United States Senate. This legislation establishes the budget for the United States Government for FY’18 and paves the way for comprehensive tax reform. Foxx released the following statement in support of the budget:
“As someone who was raised in abject poverty, I know too well the devastating effects that our current tax code has on low-income and middle class Americans. For the first time in thirty-one years, the American people will finally begin to reap the benefits of tax reform – and this budget paves the way for that tax relief Americans desperately need.
By doubling the standard deduction and lowering rates, many of our lowest-income citizens will be relieved of paying federal income taxes entirely and middle class families will be able to keep more of their paychecks – to spend as they see fit – instead of sending those funds to Washington.
The median household income for a family in the Fifth District of North Carolina is $45,000. Our tax reform framework is estimated to yield an additional $4,000 a year on average for families like those. This increase in take-home pay will make a huge improvement in the quality of life for families and individuals around the country.
We are working around the clock to deliver a modern tax code that will bring jobs and much needed capital back to the District by making the corporate tax rate for job creators more competitive. I look forward to working with my colleagues in the House and Senate and with the President to pass a pro-growth, fair, and simple tax reform package that will give taxpayers what they need – bigger paychecks and higher wages.”