Sen. Cruz Submits Op-Ed on D.C.’s Role in Texas Recovery
As the New Year approaches, we should reflect on the incredible strength and resilience Texans have demonstrated in the face of disaster. There is no denying that
But the hurricane also brought out the best in
The nation has witnessed our iconic moments -- from the thousands of Texans who went out on boats to save their neighbors, to people of all ages lining up to volunteer at disaster recovery centers, embodying that 'can do'
I am proud of the work that Sen.
As legislative priorities changed from day to day in
This bill is a victory for all Texans. It provides targeted tax relief to provide immediate assistance to the millions of Texans impacted by Harvey, who will see a significant portion of the more than
Hundreds of thousands of homes were destroyed during Harvey, causing unexpected financial burdens for many hardworking Texans. To help in rebuilding, this legislation gives individuals in federally declared disaster areas the ability to withdraw from their retirement accounts to cover costs of damages resulting from the hurricanes, without having to pay the 10 percent penalty that is normally imposed for withdrawing from those accounts before retirement.
This bill also relaxes the tax rules regarding individual casualty losses, making it easier for Harvey victims to claim a full deduction for these losses and leaving them more money in their pockets to rebuild.
Many businesses also made sacrifices to help their impacted employees during the devastation of Harvey, continuing to pay them during the hurricane and after, even when those employees were unable to get to work or when the businesses themselves were shut down because of the storm. This legislation allows those businesses to claim a tax credit, giving countless small businesses the support they need to recover from the storm and come back strong.
And for families whose incomes may have been impacted by Harvey, my bill allows taxpayers to calculate the earned income tax credit and the child tax credit based on their earned income from the previous year, if they choose, which will provide significant help to family budgets.
Lastly, the Cruz-Cornyn-Rubio tax relief bill also has allowed people across the country this year to make charitable contributions toward relief efforts in federally declared disaster areas without any limit to how much they can then claim as a tax deduction. This has encouraged charitable giving across the country, with potentially millions of dollars flowing to charitable causes to help Texans rebuild their lives.
By working together, in a bipartisan fashion, we were able to pass major tax relief for those impacted by Harvey. And billions of dollars flowed directly to
As
And to my fellow Texans, I want to say thank you for the remarkable work you have done to help rebuild our


Sen. King Calls on Senate Leaders to Prioritize Public Health Funding
Rep. Brady: Conference Report on Tax Cuts, Jobs Act
Advisor News
- Election 2026: Which of Berkeley's 7 ballot measures will pass?
- How advisors can help frugal retirees finally enjoy their savings
- Wealth planning vs. estate planning: Honoring your client’s wishes
- What to discuss during the first retirement planning meeting
- Inflation, competing priorities and uncertainty erode retirement security
More Advisor NewsAnnuity News
- Equitable, Corebridge steam toward merger with strong Q3 annuity sales
- Jackson Announces New Annuity Offering for AARP Members
- National Life Group expands annuity portfolio
- AM Best to Join Life/Annuity Insurance-Focused Panel Discussion at Capitol Forum Event
- USAA Earns No. 1 Ranking in JD Power Individual Annuity Study for the Third Consecutive Year
More Annuity NewsHealth/Employee Benefits News
- Hospital ending health plan amid industry's struggles
- Missouri Department of Commerce and Insurance releases health insurances rates for 2027
- Austin workers weigh health coverage as insurance costs are forecast to rise
- My unhappy day in small claims court | Letters to The Republican
- Enrollment is open for Affordable Care Act coverage. What do New Mexicans need to know?
More Health/Employee Benefits NewsLife Insurance News
- Unum Group Reports Third Quarter 2026 Results
- First American Financial Corporation Appoints Darryl D. Button to Board of Directors
- Corebridge Financial Announces Third Quarter 2026 Results
- MassMutual announces record $3.3 billion policyowner dividend for 2027
- Protective Completes Acquisition of Obsidian, Establishing Specialty Property and Casualty Business Line
More Life Insurance News