— House Republicans (@HouseGOP) October 11, 2018
Despite another strong month of economic growth, Democrats continue to spread lies about the benefits of tax reform. In fact, the Congressional Budget Office’s latest report just debunked even more of the Democrats’ biggest myths about tax reform, including the falsehood that revenue and wages are suffering under the Tax Cuts & Jobs Act. Check out this blog post for more on that.
The truth is, tax reform is providing real, positive results for families across the country. The September jobs report only further highlighted how much our economy is booming and optimism soaring.
Here are a few ways the people and businesses in our community are benefiting from these pro-growth, pro-family policies — benefits that Democrats want to take away.
- Take-home pay is increasing for families of all income levels.
- We doubled the standard deduction so more of what you earn is tax free.
- We doubled the Child Tax Credit to help families with the cost of raising children.
- Jobs are being created and unemployment is at the lowest rate in nearly a half century.
- Wages are rising — the largest increase in a decade.
- Provisions in tax reform expanded ABLE accounts so people with disabilities can explore the workforce, find a job, and reach their full potential. We expanded 529 accounts to help parents save for education and provide more school choice.
- Tuition waivers for graduate students are still tax free.
- Because of tax reform, businesses are expanding parental and sick leave benefits to give parents more flexibility and time with their children.
That’s right: tax reform is improving people’s lives, and it’s growing middle-class bank accounts. Republicans are closing loopholes, lowering rates, and giving you more economic confidence and security. As a result of our pro-growth and pro-family policies, the American people are Better Off Now. Interested in learning more? Visit Better.gop and be sure to check out what House Republicans are hearing at home:
Rep. Brad Wenstrup (R-OH) in the Washington Examiner: Tax reform 2.0 is like a regular check-up for our healthy economy
When people failed to see the benefits of the sluggish “Obama Recovery,” Congress slashed tax rates with the Tax Cuts and Jobs Act. Today, the national economy is outperforming projections made during the Obama years, and even outpacing estimates made since tax reform was signed into law. Now is the time to set a new precedent in Washington: a nimble tax policy, constantly updated and responding to the needs of families and businesses. The House began charting this path forward with the passage of Tax Reform 2.0, our follow-up to the Tax Cuts and Jobs Act signed into law in December.
…Despite economic gains, nearly half of working-age adults say they do not expect to have enough savings to live comfortably in retirement. About 40 percent of Americans say they would not be able to cover an unexpected expense of $400. Tax Reform 2.0 expands access to savings vehicles to prevent such circumstances. Some provisions make it easier for small businesses to offer 401(k) plans, while others exempt small retirement accounts from mandatory payouts. Savings plans specifically centered around families include new Universal Savings Accounts and expanded 529 Education accounts that can be used to pay for apprenticeship fees or help pay off student loans. These reforms offer flexibility for families — to save when able and spend when needed.
Rep. David Kustoff (R-TN) in The Commercial Appeal: Why I voted to make tax cuts permanent
Tax reform has not just changed the trajectory of our country’s economy for the better, it has also had serious positive impacts here at home. New businesses are opening their doors, and West Tennesseans are seeing pay increases. That is real progress.
Unfortunately, some of the provisions of the Tax Cuts and Jobs Act that help individual Americans were designed to expire after in just a few short years. That’s why I voted last week for a second round of tax reform to ensure those important cuts stay put and continue good work for the American people.
The House passed three individual tax reform bills that focus on provisions to protect middle-class and small business tax cuts, promote family and retirement savings, and support the next generation of entrepreneurs.