Congressman Tom Reed, along with his colleagues on the House Ways and Means Committee, unveiled comprehensive tax reform legislation Thursday.
According to Reed, the bill will ensure a family of four in New York’s 23rd District will see a tax cut of over 16-HUNDRED dollars. The bill lowers rates on middle and working class Americans by condensing the number of brackets while keeping the top income tax rate at 39.6 percent for the richest one percent. The legislation also doubles the standard deduction. Reed adds by retaining the state and local property tax deduction, this bill protects 99.7 percent of homeowners in the 23rd District.
Reed released a statement late Thursday about the plan:
“When people get to keep more of their hard earned dollars, it means money for things that make a difference for hardworking people. It’s a down payment on a car for a factory worker in Hornell, daycare for a young family in Elmira, or a trip to Disney World for a family in Dunkirk. Seniors can now visit their grandkids who were forced out of New York because the taxes were ‘too damn high.’ This is important to folks throughout the Southern Tier, Finger Lakes, and Western New York. That’s who I’m working for and whose voice I will continue to carry to Washington,” Reed added.
“I stand with and will protect the hardworking taxpayers of our region. I have heard the voices from Jamestown to Owego to Geneva, and the message is clear: people deserve a tax cut, and this legislation will deliver just that,” Reed stated.
A copy of the legislation can be viewed here.