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WASHINGTON – Rep. Virginia Foxx, R-N.C., today voted in support of H.R. 1, the Tax Cuts and Jobs Act, legislation that simplifies the U.S. tax code, significantly reduces tax rates for the middle class, and brings about economic and job growth by increasing America’s competitiveness.    Foxx issued the following statement in support of H.R. 1:

“Thirty-one years ago, President Reagan signed the Tax Reform Act of 1986, and history shows that economic prosperity followed. Today, the House passed H.R. 1, the Tax Cuts and Jobs Act, paving the way for a simpler and fairer tax code with reduced rates for hardworking Americans, families, and businesses.

The current tax code is cumbersome and convoluted, so the Tax Cuts and Jobs Act simplifies the tax code by getting rid of loopholes in order to lower rates for families and individuals. Now, the standard deduction is roughly doubled, meaning the first $12,000 for individuals and $24,000 for married couples will be tax free. Small business – the backbone of the American economy – will be provided with much needed relief as the tax rate on small business and on small business investment is significantly reduced. Furthermore, this legislation makes all American businesses more competitive on a global scale. A simpler and more competitive tax system will spur economic growth and job creation. North Carolinians are projected to see a real increase in take-home pay, to the tune of $2,366.

I was pleased to support H.R.1, which will enable most residents of the 5^th District to file their taxes on something as simple as a postcard, and I look forward to working with my colleagues in the Senate and with the President to deliver on our promise of lower taxes and higher wages.”