2018: The end of the old, outdated, broken, complicated tax code. Good riddance!
Next year, thanks to tax reform, families can look forward to lower tax rates, nearly doubled standard deduction, a doubled Child Tax Credit to help families, a simpler process, and relief from Obamacare.
That’s on top of the other amazing successes we’ve seen after the Tax Cuts & Jobs Act was signed into law — $4 billion in bonuses to more than four million Americans, jobs returning from overseas, and 90 percent of Americans receiving bigger paychecks. A typical family of four earning $75,000 will see a tax cut of more than $2,000. Visit FairandSimple.gop to learn more.
We have a lot to be excited about, so House Republicans couldn’t help but celebrate this Tax Day!
Reps. Mike Simpson and Raul Labrador, Sens. Mike Crapo and Jim Risch (R-ID) in the Idaho Statesman: Goodbye old federal tax system, hello productivity, wage and job growth
Idahoans in every income group are receiving reductions in their tax burdens, with the largest percentage reductions benefiting those in lower and middle-income tax categories, according to the Joint Committee on Taxation. The Tax Cuts and Jobs Act lowers individual tax rates; increases the Standard Deduction; expands the Child Tax Credit; preserves the Adoption Tax Credit, the deduction for charitable contributions and the home mortgage interest deduction; eliminates the Obamacare individual mandate penalty beginning Jan. 1, 2019; provides immediate family farm and family business relief from the Death Tax by doubling the exemption amount; and more.
Rep. Tom Cole (R-OK): Out With The Old Tax System, In With The New
There is reason to celebrate Tax Day this year. As we say goodbye to the old tax system, we can anticipate the benefits of the new one next year. Even the IRS has updated its tax withholding calculator to reflect the new changes. Next year, Americans will have a fairer, simpler code to work with – making Tax Day a day we no longer have to dread.
Rep. Kevin Cramer (R-ND) in Inforum: Tax reform renewing confidence in America
I supported tax reform in Congress because I was convinced a more simple and fair tax code would benefit the people of North Dakota and grow our nation’s economy. Recently, a liberal think tank released an analysis of the new law and affirmed its positive impact on our state. The Tax Policy Center, which is backed by the Urban Institute and the Brookings Institution, listed North Dakota as the state that will see the largest average tax reduction in the nation. It estimated average savings to North Dakotans of 10.8 percent or $2,170 per filer.
Rep. Clay Higgins (R-LA) via The Daily Advertiser: Tax reform is paying off in Louisiana
Some have dismissed these investments as “crumbs,” but working-class folks may call them a new refrigerator, a new transmission, or new school clothes for the kids.
We are beginning to see tremendous economic growth as a direct result of historic tax and regulatory reform efforts. It’s estimated that the Tax Cuts & Jobs Act will raise GDP by an estimated 1.3 to 1.6 percent over the next three years. Businesses of all sizes are creating new jobs and investing billions into the U.S. economy.
Just this month, I had the opportunity to visit a fishing facility in Vermilion Parish, where Omega Protein has invested $5 million adding a vessel to its fleet. I also toured Mashburn Machine Shop in Lafayette, which serves the oil and gas industry. Owners there are reporting a major upturn in business over the past 15 months.
Rep. David Kustoff (R-TN) in The Commercial Appeal: Tax reform paying dividends in West Tennessee
Last week, I heard from the owner of a construction product company in Madison County who was able to give his employees a well-deserved bonus with his savings from the lowered rate.
In January, just one month after passage of the Tax Cuts and Jobs Act, FedEx announced an investment of more than $200 million to raise wages for their employees. That includes the more than 8,400 workers who live in the Eighth District. Two months later, FedEx continued their post-tax reform action and committed $1 billion to expand their FedEx Express hub in Memphis. This investment will have a huge impact on the entire region for decades to come.
Tyson Foods, which employs about 1,600 people in the Eight District, gave a bonus to their front line workers, who, in the company’s own words, are “the backbone of the business.” Tyson also announced a major $84 million expansion of their chicken plant in Obion County that will create more than 300 new jobs for West Tennesseans.
Rep. Markwayne Mullin (R-OK) in the Washington Examiner: It’s the end of the tax code as we know it (and I feel fine)
This year, Oklahomans can be glad that this is the last year they will have to file their taxes under the outdated tax code. Starting in 2019, Oklahomans can file their taxes on a simpler form and take advantage of a nearly doubled standard deduction. Families get an increased child tax credit of $2,000. An Oklahoma family in the second congressional district with two kids and an income of $59,155 will receive a $1,643 tax cut on average. An Oklahoman earning $40,770 without kids will receive a $780 tax cut on average.
Rep. Daniel Webster (R-FL) in the Daily Commercial: It’s the last day of the old tax system
According to IRS data, the average taxpayer in District 11 making $47,145.93 will pay $1,961.60 less in taxes next year due to the new, doubled standard deduction. A constituent recently shared that he recalculated his 2016 taxes as if they were his 2018 taxes and his calculations came out over $4,600 to the better. He emailed me saying, “Thanks for your efforts to save money … I will use the savings to go back into the economy, help out less fortunate folks … .” I voted for this bill because I believe taxpayer dollars do not belong to Washington. They belong to hardworking Americans. This is your money and you — not Washington bureaucrats — best know how to spend it.
Rep. Brad Wenstrup (R-OH) via The Cincinnati Enquirer: Tax cut making a real difference in the lives of real Americans
Tears. That was Julia Mueller’s first reaction when she learned her employer was giving $1,000 bonuses to all its employees this year. Family finances have been “a little tight” recently, she says. Julia is 55 years old and has worked as a staff accountant at First Communications in Fairlawn, Ohio, for three years. Recently divorced, she is finishing making payments for a surgery she had last year and needs to replace the tires on her SUV. “It means a lot to me,” Julia told Americans for Tax Reform. “It’s the only way I’m going to get tires. And I won’t have to keep paying for my surgery.” First Communications directly linked the bonuses it is giving their full-time employees with the recently-enacted federal tax reform, the Tax Cuts and Jobs Act. The telecommunications company also said lowering the corporate tax rate from 35 to 21 percent is empowering the company to better invest in its employees and product development as well as their community here in Ohio.
This isn’t just “more of the same” from Washington. This is real money, making a real difference in the lives of real Americans.
Rep. Tim Walberg (R-MI) in the Hillsdale Daily News: Delivering tax relief for Michigan
As I travel the 7th District and meet with small businesses and job creators in our communities, there is a renewed sense of optimism. In fact, more than 93 percent of manufacturers have a positive economic outlook, according to a new survey by the National Association of Manufacturers. Among small manufacturers, optimism was at 94.5 percent, the highest level ever recorded in the 20-year history of the survey.
The early results have been overwhelmingly successful—and it is just the beginning. The old tax code discouraged innovation, punished success, and pushed jobs and factories overseas. All that is changing with the Tax Cuts and Jobs Act.
Rep. John Shimkus (R-IL) via Medium.com: Why I’m celebrating this Tax Day
President Reagan famously quipped that Republicans act like every day is the Fourth of July, and Democrats act like every day is Tax Day. Well this Tax Day every American — Republican, Democrat, or otherwise — has reason to celebrate. After more than 30 years, today is the last day we as Americans will file our taxes under an outdated, broken tax code.
The reality is, whether you supported the Tax Cuts and Jobs Act or not, you’re very likely to see a reduction in the federal income taxes you pay next year as a result of the new law. In fact, a typical family of four in my district making $62,000 will save more than $1,700 a year thanks to the nearly doubled standard deduction, lower rates, and expanded child tax credits.
Rep. Jim Sensenbrenner (R-WI) in the Waukesha Freeman: New Tax Code a Breath of Fresh Air for Wisconsin
Since the tax code’s last overhaul in 1986, our code has exploded into more than 70,000 pages of loopholes and carve-outs, making it time-consuming and frustrating for families and small businesses to complete their taxes. Reform was long overdue.
Fortunately, after today’s tax filing deadline, those frustrations will be history.
Under our new system, every American can take advantage of the doubled standard deduction. Additionally, families can utilize an increased child tax credit. And no one will be forced to pay a penalty tax for deciding to forgo purchasing health insurance.
Rep. Francis Rooney (R-FL) in the News-Press: Tax reform means money for SWF residents
Utility rates have also gone down in parts of Florida thanks to tax reform. For example, Florida Power & Light, Duke Energy Florida, and Tampa Electric have announced that, due to tax savings, they will not charge customers for power restoration in the aftermath of Hurricane Irma. This move alone will save customers an average of over $180.
Lower corporate rates will also benefit American families as they will provide a much-needed boost to American competitiveness and economic growth. Lower taxes stimulate investment by America’s companies, which in turn expands the economy and creates more job opportunities.
Rep. Mike Bost (R-IL) in the Belleville News-Democrat: Tax relief to put $2,232 in pocket of average Southern Illinois family
Since small businesses are the engine of our economy, providing two-thirds of new jobs, the benefits of the tax cuts will extend beyond small businesses and to local communities themselves, many of which were passed over by the economic recovery. The nonpartisan Congressional Budget Office just announced that it expects economic growth to reach 3.3 percent this year — 74 percent higher than under the last year of the Obama Administration.
Now the bad news: some Washington politicians have promised to repeal these long overdue tax cuts if they retake Congress this fall. House Minority Leader Nancy Pelosi has called to “replace and repeal” them. Senate Minority Leader Chuck Schumer has said he wants a “drastic overhaul.” Translation: less money in your paychecks.
Rep. Steve Chabot (R-OH) in The Cincinnati Enquirer: Filing taxes will be much easier in the future
To dramatically reduce the complexity of the tax code, our legislation eliminates many special interest loopholes, while retaining tax incentives for home mortgage interest and charitable contributions, as well as those for work, higher education, and retirement security.
This, in turn, enabled us to double the standard deduction to $12,000 for individuals and $24,000 for married couples, meaning that you won’t be taxed on this income. It’s estimated that this combination will lead to 9 out of every 10 taxpayers electing the standard deduction (as opposed to itemizing their deductions), dramatically simplifying the process of filing taxes for the vast majority of Americans.