U.S. Senator Johnny Isakson, R-Ga., a member of the U.S. Senate Committee on Finance with jurisdiction over tax reform, released the following statement after the Senate passed the Tax Cuts and Jobs Act by a vote of 51-49:
 
“I am so proud to cast a vote in favor of the Senate’s Tax Cuts and Jobs Act because it is an investment in the middle class, 21st century jobs and higher economic growth—all of which will be good for Georgians, Americans and their families. With this vote, we have demonstrated our commitment to providing stronger economic growth, increased wages and a higher standard of living for hardworking Americans and their families.
 
“Americans are the big winners in this once-in-a-generation opportunity. This plan will empower Americans by allowing them to keep more of their hard-earned money rather than sending it to Washington for someone else to decide how it will be spent. This is our time, and this is our challenge. For future generations of Americans – our children and our grandchildren – this moment is critical.”
 
Highlights of the Senate bill for individuals and families include:

·         Doubling the standard deduction,

·         Doubling the child tax credit, and

·         Cutting individual income tax rates across the board.
 
For small businesses, the Senate-passed Tax Cuts and Jobs Act provides tax relief for small businesses, which will enable them to expand and create jobs.
 
Additionally, the legislation overhauls the U.S. corporate tax system by lowering rates, and adopts new international tax rules similar to our trading partners so American companies can compete on a level playing field with the rest of the world here at home, removing the incentive to move U.S. headquarters overseas.
 
The next legislative step is to convene a House-Senate conference committee to resolve differences between the two chambers’ bills. The House and Senate must each pass the new reconciled bill before it can go to the president to be signed into law.