Includes Iowa Senator’s SQUEAL Act
Dec 02 2017
WASHINGTON, D.C. – U.S. Senator Joni Ernst (R-IA) issued the following statement after the Senate passed the Tax Cuts and Jobs Act, which includes the SQUEAL Act:
“Today, the Senate took a monumental step forward in pursuing a simpler tax code that provides much-needed relief for hardworking Iowans and helps strengthen our economy. It also eliminates ObamaCare’s costly individual mandate that forces Americans to buy health insurance that is in many cases for Iowans, unaffordable.
“Additionally, I am thrilled that the SQUEAL Act is included in this tax reform legislation. My proposal will force Congress to offer up its own unnecessary tax break that allows Members of Congress to deduct, for income tax purposes, thousands of dollars annually in living expenses while in the Washington, D.C. area.
“This Senate bill also includes a bipartisan measure I helped lead to spur economic growth in poverty-stricken areas, and bring hope and opportunity back to many distressed rural communities in Iowa.
“Moreover, job creators of all sizes will finally see relief from the burdensome and complicated tax code. The Tax Cuts and Jobs Act would allow Iowa small businesses and entrepreneurs to keep more of their hard-earned dollars to reinvest in their companies, and is estimated to create over 10,000 jobs across Iowa. This legislation also gives more money back to Iowa’s hardworking parents by doubling the child tax credit.
“While the bill does not include everything I hoped, I am pleased that this legislation creates more opportunities for all, including lower- and middle-income families across the State of Iowa who will see thousands of dollars back in their pockets. I look forward to seeing this important bill move ahead to reduce the burden of our overly-complicated tax code and enact reforms that provide relief to Iowa’s hard-working families and businesses.”
Senator Ernst’s efforts included in the Tax Cuts and Jobs Act:
Read Senator Ernst’s recent column in the Des Moines Register on the importance of tax reform here.