Delivering Tax Relief to Virginia Families
By creating a simpler, fairer tax system, the reforms in the Tax Cuts and Jobs Act will help put more money in the pockets of families and encourage businesses to grow and create jobs in the United States. It’s estimated that the Tax Cuts and Jobs Act will lead to the creation of nearly 25,000 new jobs in Virginia and increase income for middle-income families by more than $2,500 dollars. Whether you’re saving up for a new refrigerator, braces for your daughter, or a long-awaited vacation, every extra dollar in your family’s pocket helps.
This bill takes important steps to help you care for your family. Not only does it double the standard deduction, allowing the first $24,000 dollars a married couple earns to be tax-free, it consolidates and lowers tax brackets and increases the child tax credit. You work hard and should keep more of your pay.
While some wrongly claim the Tax Cuts and Jobs Act is about big business, the fact of the matter is it creates a tax code that helps job creators of all sizes. Under the bill, the tax rate on small business income is reduced to the lowest amount since World War II. The Tax Cuts and Jobs Act implements a new, lower tax rate of nine percent on the first $75,000 dollars of income for small businesses, like the Main Street startups I’ve seen in so many Sixth District communities. Under a new provision, businesses will also be allowed to immediately write off the full cost of new equipment. It’s estimated that more than 42,000 taxpayers in the Sixth District have small business income. Instead of a tax code that ties them down, they deserve a tax code that will help them invest back in their businesses and create jobs for their neighbors.
America’s current tax code is holding back our economy. That’s why Congress must take this opportunity to enact common sense tax reform and create a tax system that works for taxpayers. The Tax Cuts and Jobs Act lowers tax rates for individuals and families and ensures American businesses remain competitive. As this bill moves forward, I will continue to work with leadership in the House and the Ways and Means Committee to improve certain aspects of the plan. Now, it’s the Senate’s turn to do their part to deliver tax relief to families across the country. I urge the Senate to keep the positive momentum going and get this bill to the President’s desk.