Congressman McHenry believes in lowering the tax burden on American workers, families and small businesses. As a Member of Congress, and previously as a State Representative in North Carolina, he has never voted for a tax increase. That is why McHenry supported the Tax Cuts and Jobs Act signed into law by President Trump in December of 2017.
Before the Tax Cuts and Jobs Act, the U.S. tax code was outdated and far too complicated, which penalized working families and small businesses. The Tax Cuts and Jobs Act simplified the tax code by closing special-interest loopholes and consolidating deductions. The bill reduces taxes on lower and middle-income families by cutting income tax rates, significantly expanding the Standard Deduction, and expanding the Child Tax Credit, allowing families to keep more of their hard-earned paychecks. The Tax Cuts and Jobs act also helps working families by improving savings vehicles for retirement and education.
The Tax Cuts and Jobs Act also helps create jobs across America, including right here in western North Carolina. The bill reduces offshoring by removing incentives for jobs, headquarters, and research to move overseas. It also reduces the corporate tax rate, to 21%, from 35%, and delivers significant tax relief to small businesses by allowing them to write off purchases of new equipment and training for their workers. We have seen the benefits of this here in North Carolina’s Tenth District, with rising wages and many companies giving out additional bonuses as a direct result of the Tax Cuts and Jobs Act.Congressman McHenry has also been recognized as a "Hero of the Taxpayer" by Americans for Tax Reform.