Gardner Statement on Budget Committee Passage of Tax Relief Package
Washington, D.C. – Senator Cory Gardner (Republican-CO), a member of the Senate Budget Committee, released the below statement following the Budget Committee voting to send the Tax Cut and Jobs Act to the Senate floor:
Today marked an important step forward to bring Coloradans and the American people tax relief. This legislation will increase wages, grow the economy, create jobs, and benefit hardworking Coloradans. I look forward to the bill being debated on the Senate floor through an open amendment process, and I’m hopeful my colleagues from both sides of the aisle will work together to bring much needed tax relief to the American people. — Gardner
Gardner released a statement when the original legislation was introduced at the beginning of the month.
Background on Senate Tax Relief Legislation
The Council for Economic Advisors (CEA) estimates that simply lowering the corporate income tax rate to 20% will result in the median wage for the average Colorado Household increasing by $4,385. The academic literature cited by the CEA suggests the wage gains could even be up to $9,000 or more.
- Lowers the individuate tax rates for low-and middle-income Americans by expanding the zero tax bracket and maintaining the 10 percent bracket
- Doubles the standard deduction to protect even more income from being considered taxable income
- A family of four earning the median family income ($73,000) would see a tax cut of nearly $2,200
- A single parent with one child and an income of $41,000 will see a tax cut of more than $1,400
- Expands the child tax credit from $1,000 to $2,000, lowers the threshold income required for the refundable portion of the credit, and indexes the refundable portion for inflation
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