In the News

Republicans in the House of Representatives unveiled a new tax plan Thursday afternoon, one broadly supported by Rep. Jeff Denham, who represents Tracy.

“I think this is a good framework. I’m still looking at the details as they come out, but the framework itself is something that will benefit the people of my district,” Denham, R-Turlock, said Thursday afternoon after the bill was introduced. “This has tax cuts for all income levels. It also has tax cuts for businesses and corporations. This is something that’s going to help us in the pocketbook on both ends.”

The Tax Cut and Jobs Act establishes three tax brackets — 12 percent for married couples filing jointly who earn up to $90,000 a year, 25 percent for those families earning up to $260,000 a year and 35 percent for those who make up to $1 million annually. Families who make less than $24,000 will pay no income tax and those who make more than $1 million will pay 39.6 percent.

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Denham made the case that new business tax rates would be good for communities.

“The amount of growth that you’re going to see from businesses that they’re going to be able to invest back in their business, as well as the revenue that these businesses will be able to invest back in the community and in the economy,” he said. “By going from a high tax rate down to 25 percent for small businesses and 20 percent for corporations is going to allow these businesses to expand and to reinvest.”

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“We’re looking forward to seeing a tax calculator come out where every one of my constituents can plug in their own numbers, and then I want to see their feedback,” he said. “I want to know how this is going to affect local businesses, how this is going to affect local agriculture and certainly how it’s going to affect every resident in my community on personal income tax as well.”

Denham said people can give him their opinions online at https://Denham.house.gov/contact or by calling his Modesto field office at 579-5458.

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