WASHINGTON – U.S. Senator Jerry Moran (R-Kan.) today released the following statement after Congress passed the Tax Cuts and Jobs Act Conference Report:

“Today, Congress sent a pro-growth tax reform bill to the president’s desk that works for Kansas families and businesses. By lowering the corporate tax rate, businesses will be encouraged to stay and grow in America, fostering an environment for businesses to create more jobs, better jobs and higher-paying jobs. These jobs and increased paychecks will have a positive impact on middle-class and lower-income families. Additionally, by lowering tax rates across the board, significantly increasing the standard deduction and doubling the child tax credit, Kansas families and individuals will be able to keep more of their earnings and save for the future.”

The Tax Cuts and Jobs Act*:

• Provides the typical family of four earning the median family income of $73,000 a tax cut of $2,059
• Significantly increases the standard deduction to roughly double the amount of what individuals earn each year from taxes – from $6,500 and $13,000 under current law to $12,000 and $24,000 for individuals and married couples, respectively
• Doubles the Child Tax Credit from $1,000 to $2,000 for single filers and married couples to help parents with the cost of raising children
• Preserves the Child and Dependent Care Tax Credit to help families care for their children and older dependents, such as a disabled grandparent who may need additional support. In addition, it preserves the Adoption Tax Credit so parents can continue to receive additional tax relief as they open their hearts and homes to an adopted child
• Expands the medical expense deduction for 2017 and 2018 medical expenses exceeding 7.5 percent of adjusted gross income, and rising to 10 percent beginning in 2019
• Preserves additional important elements of the existing individual tax system, including:
  • Maintaining the Earned Income Tax Credit to provide important tax relief for low-income Americans working to build better lives for themselves
  • Providing support for graduate students by continuing to exempt the value of reduced tuition from taxes
  • Retaining popular retirement savings options such as 401(k)s and Individual Retirement Accounts (IRAs) so Americans can continue to save for their future
• Includes guardrails on pass-through income to ensure certain individuals are not inadvertently or inappropriately made eligible for preferential tax treatment through creative restructuring

*Provided by the U.S. Senate Committee on Finance