Yoho Votes for Historic Tax Reform
Washington, D.C. – Congressman Ted S. Yoho (R-FL) voted in favor of passing the Conference Report for the Tax Cut and Jobs Act – (HR 1). Today’s vote sends the bill back to the Senate for final passage and then onto the president’s desk to be signed into law. Congressman Yoho released the following statement:
“Today, House Republicans have fulfilled a promise to simplify our tax code, lighten the tax burden on all Americans (especially middle-income families), and small businesses. The Tax Cut and Jobs Act will, as stated by Chris Edwards of the CATO Institute, ‘give the largest relative cuts to the middle class.’
“American households will see their tax rates decrease at the beginning of 2018. They will keep more of what they earn and decide how they should spend their money; not Washington D.C. Small businesses, who deal in thin profit margins, will have a greater opportunity to expand, re-invest, and prosper.
“This bill will make American companies more competitive in the global economy. Our 35 percent corporate tax rate is the highest in the industrialized world. Lowering the rate to 21 percent will increase our competitive edge, reduce the temptation for companies to set up shop overseas, and will help facilitate repatriation of their assets back to the U.S.
“This vote is historic. Not since 1986 has Congress addressed our complicated tax code. Is this tax bill perfect; by no means is it perfect. There have been 41 tax reform hearings in the House Ways and Means Committee and 72 in the Senate Finance Committee. Once the House and Senate went to conference to iron out the differences between their respective bills, the conferees were open to the concerns of Members of Congress. I wrote the conferees before they began negotiations, outlining what I hoped the final bill would address. I’m pleased that several of our provisions were incorporated into the final bill and will benefit not just the citizens of the third congressional district but the nation as well.
“I commend all the committees involved and the conferees for all their hard work in delivering tax relief to every American and in unleashing the economic engine of the United States.”