America Needs Tax Cuts and Jobs
Over the past 31 years, American ingenuity has pushed us far into advancements in global connectivity and medical innovation, and given us access to information in a way we never dreamed possible. But our tax code is still stuck in 1986. That’s why it’s important Congress seize the opportunity to reform the tax code in favor of a system that works for today’s taxpayers and means more jobs, fairer taxes, and bigger paychecks.
The Tax Cuts and Jobs Act is the starting point for this debate. At its very core, the Tax Cuts and Jobs Act is about growing the American economy and allowing better opportunities for American families, who will keep more of their hard-earned pay. But most importantly, how will this impact your family? Initial estimates show that a middle-income family of four earning $59,000 a year, the median household income in the United States, will receive a $1,182 tax cut. That’s more money to spend on things your family needs or to save for college or retirement.
You work hard and should be able to keep more of your wages, and that’s what this bill aims to do. It nearly doubles the standard deduction and lowers individual tax rates for low and middle-income Americans, making the first $24,000 each married couple earns tax-free. That’s an effective zero percent tax bracket for the first $24,000 of your joint income and benefits all Americans, including those who are in the greatest need. The proposal helps you support your children and loved ones by increasing the Child Tax Credit and providing an additional credit for families caring for an aging parent or another non-child dependent. It preserves the use of tools like 401(k)s or IRAs to save for retirement and simplifies the tax code to make it easier to file your taxes. The Tax Cuts and Jobs Act will also help to bolster the growth of businesses of all sizes in the United States, and keep jobs in our communities instead of being shipped overseas.
I’ve advocated for common sense tax reform throughout my time in Congress. While there is still work to be done, I am encouraged by the direction of the Tax Cuts and Jobs Act and the opportunities it presents for families and businesses in Virginia. There will almost certainly be changes made to this bill between the time it goes through the committee process and is signed into law, and I will carefully examine how the details of this plan will impact the Sixth District throughout this time. Cutting taxes goes hand in hand with job creation and economic growth. Let’s get this process moving and deliver the tax relief folks across the country need.