Ted Cruz News: Legislative Victories and More for Texas

December 23, 2017

Greetings,

This week, Congress passed historic and meaningful tax reform. This bill provides significant relief for working men and women, and job creators. For middle class families across Texas and the country, Christmas has come early.

These tax cuts champion small business owners, job creators, and farmers and ranchers by taking our high corporate tax rate – the highest in the developed world – and bringing it back down to a level that will generate jobs here at home and unleash the American economy by bringing roughly $2.9 trillion in capitol back to our economy. That is why it was no surprise that within 24 hours of Congress passing the tax bill, several major American companies, including Texas’ own AT&T, announced bonuses and pay raises for their employees, as well as further investments into their communities. 

These tax cuts will benefit people from all walks of life by nearly doubling the standard deduction and cutting rates for individual taxpayers in all brackets, ensuring that Americans in every tax bracket will see their take home pay go up and their taxes go down. And Texas taxpayers will be able to write off up to $10,000 in their property taxes, a measure I fought to maintain. 

This historic tax reform bill will be a boon to working families across the country by doubling the child tax credit – from $1,000 a child, to $2,000 a child – and by the inclusion of my Student Opportunity Amendment in the final bill, an amendment which expands 529 College Savings Plans by allowing parents to now save up to $10K per year per child to use for K-12 education expenses in public, private, and religious schools.

And by repealing Obamacare’s individual mandate, this tax reform bill ensures that the 6.5 million Americans who have been unfairly fined by the IRS for not being able to afford health insurance will now have immediate and significant relief.

This legislation was a significant step in fulfilling the promise we made to the American people to give them real, fundamental tax relief, and I was proud to fight to ensure that it came to pass.

My Senate office also continues to work to ensure swift and effective service to Texans and Texas communities in need of federal assistance following the storm. If you need additional information or assistance during the recovery and rebuilding process, please do not hesitate to contact my office or utilize the federal and state resources listed here.

Please read below for an update from this last week.

Keep Texas Strong,

Ted Cruz