WASHINGTON – Congressman Tom Rice (R-S.C.) today released the following statement after the House passed H.R. 1, the Tax Cuts & Jobs Act.

“The American Dream is what separates us from the rest of the world. With hard work and determination, you can improve your station in life and your children have the opportunity for a better life than yours. But over the years for many people in this country, the American Dream has been out of reach. 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.

“Our outdated tax code is an anchor around the necks of our businesses, our innovators, and the American middle class. Today we voted for a tax cut which will restore economic growth, put more take home pay 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.”

Congressman Rice also spoke on the floor of the House of Representatives today in support of H.R. 1. View his remarks here or below.

 

BACKGROUND

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 in South Carolina this plan will create almost 13,000 new jobs and provide a $2,000 increase in income for median household families. For Congressman Rice’s district specifically, this plan is estimated to provide a $1,331 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.