WASHINGTON – Congressman Tom Rice (R-S.C.) today released the following statement after the House passed H.R. 1, the Tax Cuts & Jobs Act.
“Today we voted for the most pro-growth tax policy in decades. Thirty years ago when our tax code and economic system were competitive, we were the world’s uncontested economic leader. But for decades we’ve sat by while the world has passed us by. The American Dream has been out of reach for far too long. There is an entire generation that has yet to experience true economic growth. The Tax Cuts & Jobs Act will bolster our recent trend of economic growth, put more take-home pay back in the pockets of hardworking Americans, and restore opportunity for a generation of Americans. It will grow our middle class, it will reduce income disparity, and it will bring American jobs back. I look forward to the Senate passing this bill and to the President signing this historic legislative achievement into law.”
As a member of the Ways & Means Committee, the chief tax-writing committee in Congress, Congressman Rice has had a seat at the table in helping craft the Tax Cuts & Jobs Act. Estimates show that this plan will cause almost a 2% increase in GDP over the long term, creating an additional 339,000 new jobs. For Congressman Rice’s district specifically, this plan is estimated to provide a $1,458 tax cut for the typical family of four in the Grand Strand and the Pee Dee.
More information about the Tax Cuts & Jobs Act can be found here.