ICYMI: Sen. Cruz: The Victory of Tax Reform Will Be in the Pay Stubs of Working Men and Women
Appears on local and national radio to discuss major tax relief for Texas and American taxpayers
WASHINGTON, D.C. – On Wednesday and Thursday, U.S. Sen. Ted Cruz (R-Texas) appeared on several national and local Texas radio shows to discuss key victories for Texas and American taxpayers in Congress’ final tax reform bill, including his Student Opportunity Amendment. This amendment expands 529 College Savings Plans to include K-12 elementary and secondary school tuition and expenses for public, private, and religious schools.
On Fox News’ Todd Starnes Show, Sen. Cruz discussed his Student Opportunity Amendment, which is the most far-reaching federal school choice legislation ever passed, and included in the final tax reform bill.
“The tax cut as a whole makes an enormous difference for working families, for parents, for small businesses, for farmers, for ranchers, and for job creators, for young people all across the country. There’s an enormous amount in this tax bill, that is cutting taxes, and focused on generating jobs and raising wages. There is also as part of this tax bill the most significant federal school choice legislation that has ever passed.”
Sen. Cruz continued, “The amendment I introduced expands 529 Savings Plans. In addition to using them for college, now you can use them as well for K-12 education. You can use them for public school, for private school, for parochial school, for religious school - it’s up to the parents. Up to $10,000 per year, per child, and that passed into law.”
While on ‘The Joe Pags Show,’ Sen. Cruz shared how doubling the standard deduction dramatically simplifies the tax code for the American taxpayer.
“Now for a married couple, the standard deduction goes from [$12,700] to $24,000. Which means the first $24,000 of income you earn, you pay nothing. And that dramatically simplifies filling out your taxes. So as you noted, roughly 90 percent of taxpayers now will be able to file [their taxes] on a postcard. That is a major simplification. It results in a lot less time, and annoyance, and pain in the neck for taxpayers in Texas and all across the country.”
On KSKY’s ‘The Mark Davis Show,’ Sen. Cruz discussed the reports of U.S. companies announcing pay raises and investments in communities as a result of the meaningful tax cuts included in the bill.
“This tax cut cuts the corporate tax rate from 35 percent, which is making us completely uncompetitive, down to 21 percent, which means businesses and job creators have money to invest,” Sen. Cruz said. “We’re seeing business, after business, after business – AT&T announced $1 billion in new investments and also [200,000 U.S. employees] getting a $1,000 bonus. There are a lot of North Texas AT&T employees, over 200,000 worldwide, getting a bonus as a direct result of this tax cut. And that’s on top of the fact that the individual [tax] rates for individuals and families are going down.”
While on KTSA’s ‘Jack Riccardi Show,’ Sen. Cruz encouraged Texans to compare their paystubs from February 2017, to February 2018.
“I encourage every Texan, go look at your pay stub in February – that’s when the changes will kick in on the pay stub – and compare it to your February pay stub a year earlier,” Sen. Cruz said. “You’re going to see all across the state of Texas, if you’re a taxpayer, your taxes are going down. This is a big tax cut for small businesses, for farmers, for ranchers, for job creators. We’re seeing companies all over the country that are investing, that are giving people raises and bonuses because of the impact it has on job creators. But for working families, every marginal rate is going down. The child tax credit is doubling, going from $1,000 to $2,000 a child. That means a single mom with three kids, the child tax credit grows from $3,000 to $6,000. That is real money in your pocket, and it starts January 1, and you’ll see it in your February paycheck.”
While on WBAP’s ‘The Chris Salcedo Show,’ Sen. Cruz highlighted how this tax cut will create higher wages, and expand opportunity for Texans and Americans across the country.
“This is a tax cut designed to several things,” Sen. Cruz said. “The most important thing that it’s designed to do is to create jobs. Jobs are my number one priority, because jobs are the number one priority of Texans. All across the state that’s the number one priority and so every day I wake up and go to work in the Senate focused on how we can have more jobs, higher wages, and more opportunity. And this tax bill is focused on that.”