U.S. Senator Thad Cochran voted for the Tax Cuts and Jobs Act of 2017, the first major effort in decades to reform the federal tax code and lower individual, small business, and corporate tax rates.
The tax cut legislation was approved by a 51-49 vote.
The Senate measure will now move to a conference to reconcile differences with a House-passed measure.
“I supported this important legislation because it is the best opportunity in 30 years to improve the federal tax code,” said U.S. Senator Thad Cochran. “The Senate bill would lower taxes for Mississippians. Lowering the tax burden and simplifying the law will also help generate economic growth by making businesses in Mississippi and across the country more competitive.”
The Senate-passed bill would nearly double the standard deduction for individual and joint tax filers, effectively eliminate the Obamacare individual mandate and associated penalties, increase the child tax credit, and reform the estate tax.
The legislation also makes significant and permanent reforms to the tax code for small businesses and corporations.
For example, Senator Cochran said that it includes a tax deduction to lower the marginal tax rate applied to pass-through business income for small businesses. For corporations, the bill lowers the tax rate to 20 percent, while also transitioning to a territorial tax system for international operations.
“I look forward to the Senate and House negotiating a final package that can be sent to the President for his signature,” said Cochran.
The non-partisan Tax Foundation estimates the Senate measure would result in 7,322 new jobs in Mississippi and a $1,808 after-tax income gain for middle-class Mississippi families.
