WASHINGTON, D.C. – Continuing his efforts to provide tax relief for middle-class families and boost job growth in Oregon, Rep. Greg Walden (R-Hood River) today voted to pass landmark tax reform through the House of Representatives. Walden applauded the passage of the Tax Cuts and Jobs Act (H.R. 1), as a win for hard-working Oregon taxpayers and job creators.
“I want to thank the nearly 2,000 Oregonians who called and wrote to me over the last month with suggestions on how we could improve the Tax Cuts and Jobs Act to better fit our needs in Oregon,” said Walden. “The measure Congress will send to the President this week means that a hardworking family of four in eastern Oregon that earns about $50,000 a year -- which is the median household income in my district -- will receive a tax break of about $1,300 compared to the existing law. Instead of a bloated federal government taking and spending your money, I want families to keep more of what they earn. That’s $10,400 in lower federal income taxes over the next eight years for that one family.”
Based on feedback from Oregonians, Walden worked alongside leaders in both the House and Senate to incorporate changes into the final agreement. Importantly, the bill passed today includes specific provisions particularly important for Oregonians including:
State and Local Tax Deductions: Oregonians who itemize their taxes will be able to deduct a combined $10,000 in state property and income taxes
Private Activity Bonds: Preserves the tax-exempt private activity bonds used to support economic development and affordable housing projects in Oregon.
Student Loan Interest: Preserves the tax deduction for interest paid on federal student loans
Medical Expense Deduction: Preserves the ability for Oregonians who itemize to deduct qualified medical expenses
Craft Beverage Modernization: Reduces excise taxes on small craft brewers and winemakers in Oregon
Corporate Alternative Minimum Tax (AMT): Repeals the corporate alternative minimum tax, which is important for large employers in Oregon like Nike
“The long and public process allowed people from across the country, and especially here at home in Oregon, to help shape and improve this historic legislation,” concluded Walden. “Today, the Washington special interest lobbyists lost, and the hard-working American taxpayers and job creators won.”
According to data from the Internal Revenue Service (IRS) and reports from the nonpartisan Tax Foundation, the Tax Cuts and Jobs Act will positively impact Oregon by:
Benefits for Oregon's Second District
Doubled Standard Deduction: 224,588 (68%) taxpayers in the 2nd District take the standard deduction under current law. By doubling the standard deduction, these taxpayers will see an immediate tax break under the Tax Cuts and Jobs Act.
Increased Child Tax Credit: 50,193 taxpayers in the 2nd District claim the child tax credit. The Tax Cuts and Jobs Act doubles the child tax credit from $1,000 per child to $2,000.
Tax Relief for Small Businesses: 50,650 taxpayers in the 2nd District have small business income (a business that the taxpayer operated). The Tax Cuts and Jobs Act reduces taxes for small business owners by providing a 20 percent tax deduction on the first $315,000 of income.
Simpler Taxes: 104,189 taxpayers in the 2nd District itemize their taxes. As a result of the near doubling of the standard deduction and other simplifications, many taxpayers will have much simpler returns. It is estimated that 9 out of 10 Americans will be able to file their taxes on a postcard.
For more information on the Tax Cuts and Jobs Act, please click here.