The Tax Cuts and Jobs Act, legislation to reform the United States tax code for the first time in a generation, passed the House of Representatives Tuesday (12/19/17). Congressman Scott DesJarlais, M.D., voted to lower tax rates, double the standard deduction for individuals and families to save Tennesseans time and money, and to help more local businesses succeed.

The Tax Cuts and Jobs Act also repatriates profits from leading American companies. "The U.S. corporate tax rate is among the highest in the world, and this country is one of just a few to tax American companies not once, but twice, driving innovation, investment and jobs overseas, explaining lackluster wage growth for many years," said Rep. DesJarlais (TN-04).

"Another explanation is the dearth of small businesses, responsible for most job creation, which have been dying in this toxic tax and regulatory environment. Washington, especially the IRS, has suffocated entrepreneurs, including hardworking families," he said.

"Today's legislation reverses policies that have enriched special interests and bureaucrats at the expense of middle-class Tennesseans who pay their salaries. This is a positive, forward-looking solution to persisting economic problems that stimulus and income redistribution never solved. My constituents want to keep more of their earnings to save, spend or invest as they like."

The Tax Cuts and Jobs Act repeals Obamacare's individual mandate. Federal fines fall most heavily on those near the median income level, unable to afford expensive government insurance plans. To spur start-ups and domestic manufacturing, the House-Senate agreement allows businesses to immediately deduct a wider range of capital expenses, as well as a higher dollar amount.

President Donald Trump has promised to sign the bill into law before Christmas.

"After a prolonged period of weak GDP and wage growth, finally beginning to recover, the country is ready for big changes. Republicans in Congress and the President are fulfilling our promise to Americans who deserve every opportunity to follow their dreams and reap the rewards. Ultimately, we all benefit from a healthy economy," said Rep. DesJarlais.

Other side of the aisle against the tax cuts:

Not all of the congressmen in our area care for the bill. In nearby Nashville, U.S. Rep. Jim Cooper (TN-05) issued the following statement after voting against the so called Republican tax bill:

"Everyone likes tax cuts, but the Republican tax bill gives most of them to Scrooge, not Bob Cratchit. The new law increases the deficit dramatically, keeps the tax code complicated, prioritizes corporations over people, and even threatens Social Security and Medicare," Rep. Cooper said. "The vast majority of Americans don't like it, and with good reason. Reagan-era tax reform was very different; this Trump bill is not an echo of that reform but a craven Christmas present to the most powerful lobbyists in Washington. Trump promised to help everyday Americans but this bill fails to do that."