LaMalfa Supports Tax Cuts and Jobs Act
(Washington, DC) – Congressman Doug LaMalfa (R-Richvale) issued the following statement after the House passed H.R. 1, the Tax Cuts and Jobs Act.
LaMalfa said: "Under the Tax Cuts and Jobs Act, the vast majority of North State residents will save money, period. The more than 70% of 1st District residents who do not currently itemize their tax returns will receive an immediate – and significant – tax cut. Far more taxpayers will now find it more advantageous to claim the standard deduction, rather than itemize, saving them more money in the process. Today we are delivering on the promise we made to the American people to make paying taxes fair and simple. Tax reform is good for Northern California and good for the country. Though it is not yet the final product, I support this bill. The Senate must pass their own version which, together with our House bill, will then require conference committee action moving forward."
Under H.R. 1, the Tax Cuts and Jobs Act:
- The standard deduction will be doubled from $6,350 to $12,000 for individuals, meaning the first $12,000 of your income is tax-free.
- For married couples, that number doubles from $12,700 currently to $24,000.
- Over 45,000 families in Northern California claim the child tax credit, which is increasing from $1,000 to $1,600 – a 60% saving.
- Those already claiming the home mortgage interest deduction right now can continue to do so with no change whatsoever.
- It is estimated that the Tax Cuts and Jobs Act will create nearly 1 million jobs across the nation, with 111,108 of those jobs located in California.
- The median household income in California will increase by $2,932.
- At the end of the day, the average North State household will save $1,200 in taxes.
Congressman Doug LaMalfa is a lifelong farmer representing California's First Congressional District, including Butte, Glenn, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, Sierra, Siskiyou and Tehama Counties.