Sen. Cruz: This Tax Reform Bill is a Victory for Middle Class Families Across Texas and the Country

I issued the following statement after voting in favor of Congress’ final conference-reported tax reform bill. My Student Opportunity Amendment was included in the final bill, which expands 529 College Savings Plans to include K-12 elementary and secondary school tuition for public, private, and religious schools. 

This tax reform bill is a huge victory for middle class families across Texas, and the country. By doubling the child tax credit, and providing rate cuts for individual taxpayers in all brackets, this bill allows Americans to keep more of their hard-earned money, and brings needed relief to working families. By repealing Obamacare’s individual mandate, 6.5 million Americans who have been unfairly fined by the IRS for not being able to afford health insurance will now have immediate and significant relief. And because we’ve significantly lowered the corporate tax rate, businesses that have fled overseas to escape our high corporate taxes will bring jobs and roughly $2.9 trillion in capital back to the American economy.

In particular, this bill is a win for Texans. Texas taxpayers will now be able to write off up to $10,000 in property taxes, a measure I fought to maintain. Further, it includes my Student Opportunity Amendment, which prioritizes the education of the next generation by expanding 529 College Savings accounts. Parents can now save up to $10K per year per child to use for K-12 education expenses in public, private, and religious schools. While I would have preferred to see the education of every child prioritized – including homeschool students – I will continue working with my colleagues in Congress to expand school choice and opportunity. 

This legislation marks a significant step toward fulfilling our promise to provide the American people real, fundamental tax relief. I will continue fighting to give every Texan, and every American, the ability to keep more of their hard-earned money and spend it as they wish, not as the federal government commands.

 

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