Rep. Russell Tax Reform Bill Included In Tax Cuts and Jobs Act
Washington, DC – House Republicans today introduced the Tax Cuts & Jobs Act (H.R. 1), the Republican bill for tax reform. Included in H.R. 1 is a bill that Rep. Steve Russell (OK-5) introduced last Congress and again in February of this year, the No Tax Subsidies for Stadiums Act (H.R. 811). Rep. Russell’s tax reform bill would prohibit the use of tax-exempt municipal bonds for the construction of stadiums, closing a decades old loophole in the tax code. Municipal bonds are intended to provide capital for infrastructure such as roads or schools, yet for more than 30 years stadium financiers have exploited a tax code loophole to build for-profit stadiums on the backs of American taxpayers.
Rep. Russell commented on H.R. 811 being included in the Tax Cuts & Jobs Act, stating: “I have long contended that the funding of stadiums with tax free municipal bonds is not only unnecessary, but removes critical funding from cities looking to improve their infrastructure, which was the original purpose of the tax breaks. It’s time to stop stadium financiers from exploiting a tax code loophole that lets them use municipal bonds.”
The Tax Cuts and Jobs Act is a bold, pro-growth bill that will overhaul our nation’s tax code for the first time since President Reagan’s historic tax reform 31 years ago. It simplifies the tax code so that Americans can file their taxes on a form as simple as a postcard. It lowers individual tax rates for the low-income and middle-income brackets to zero, 12 percent, 25 percent, and 35 percent so that average Americans can keep more of their hard-earned money, while the high-income bracket rate of 39.6 percent is maintained. It also doubles the standard deduction to $12,000 for single filers and $24,000 for married filers, and it limits the maximum rate for small and family-owned businesses to 25 percent. With this bill, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.
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