Idaho U.S. Senators Mike Crapo and Jim Risch both have applauded the Senate’s passage of the Tax Cuts and Jobs Act.
Mike Crapo
Crapo and Risch both voted in favor of the legislation which they say will provide tax relief for Idaho families and all Americans, despite Congressional Budget Office estimates that the measure would add $1.4 trillion to the deficit over the next 10 years. Following Saturday morning’s 51-49 Senate vote, Crapo and Risch released a joint statement calling the vote an imperative step forward in reforming the tax code.
The two Gem State Republicans say Americans in every income group will see a reduction in their tax burden, with those in the lower and middle-income categories seeing the greatest percentage reduction, adding that six million of the most vulnerable taxpayers will see a reduction of their taxes to zero. Crapo and Risch also pointed to the bill’s doubling of the Standard Deduction and child tax credit; keeping the adoption tax credit, as well as the charitable giving, medical expenses, and mortgage interest deductions; and tax relief and simplification for small businesses.
The differences between the House and Senate versions of the Tax Cuts and Jobs Act will now undergo reconciliation.
The final version coming out of the conference committee will need to be approved by both chambers before it is sent to the president for signature.
(Sen. Mike Crapo’s office)
