There are big advancements occurring regarding Congress reforming our nation’s tax code.
Last week, the House Ways and Means Committee passed the Tax Cuts and Jobs Act after dozens of hours of debate and conversation. Chairman Kevin Brady introduced two amendments that were added to the bill to better reflect the demands of the American people – one big change is retaining the Adoption Tax Credit.
The Tax Foundation estimates that under this bill, 19,525 jobs will be added in Minnesota and middle-class Minnesota families are estimated to gain $3,090 in after-tax income.
What’s more, is we are already seeing proof that our reforms will have a significant impact on our economy. Just last week, AT&T announced that if this bill gets passed, they will invest one billion dollars in the United States. This investment means jobs, it means revenue, and it means returning to the economic powerhouse we know we can be.
I am looking forward to watching the bill progress this week as it works its way towards passage in the House of Representatives.