It’s April 17, which means today is the last Tax Day with the old, outdated, broken, and cumbersome tax code.
Thanks to the Tax Cuts & Jobs Act, Americans have a lot to 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.
We’re excited about this new tax code, and House Republican Conference Chair Cathy McMorris Rodgers (R-WA) highlighted these positive changes on TV, radio, and in her hometown newspaper. For more on our pro-growth, pro-family tax reform, visit FairandSimple.gop.
Here’s what you may have missed:
— CathyMcMorrisRodgers (@cathymcmorris) April 17, 2018
Why We’re Celebrating Tax Day
“[Tax reform] is continuing to be implemented. Today is the last time that individuals, Americans across the country will have to file under the old tax code. Moving forward, they will see a simplified tax code. They will see firsthand the impact of the doubling of the [standard deduction], the expansion of the Child Tax Credit…more money in their pockets. It’s been rolling out. 90 percent of Americans have seen their withholdings change. They have more money in their pocket. Every day we are hearing about more businesses — small businesses, large businesses — that are making decisions to invest and expand because of tax reform.
“What encourages me the most is that it is bringing hope and optimism to this country again. We had seen years of stagnant wages, a stagnant economy, and now people are optimistic again. I was just visiting a company in Spokane, Sonderen Packaging. Their employees are going to get between $70 and $300 in their paycheck increase, but it was the optimism that really inspired me, as you hear people that are more hopeful again. They’re dreaming again. That’s what we want for people.”
“I believe Americans really see the impact of the policies that we have promoted with the Republican majority. The economy is growing. There’s more money in your pocketbook. The lifting of the regulatory burden, so people feel like they can go out there and explore the American Dream again. People are believing again.”
Leading on Trade with Farmers in Mind
“[On trade], I’m urging the president to lead with the farmers in mind. I’ve urged him to pull back with the across-the-board approach he was talking about with steel and aluminum. I was pleased to see him announce last week that he’s coming back to the table on [Trans-Pacific Partnership]. I believe that is one of the best things that we can do, to be at the table, to negotiate. That will be our best counter to China and their dominance in writing the rules to trade and commerce in that region. Those are all steps in the right direction.”
“Today is the day we officially say goodbye to what was a broken tax code. Next year is going to look very different. Americans will be filing on a simpler form. They won’t have to tell the IRS whether they have insurance or not because we repealed the individual mandate. They will be taking advantage of an increased child tax credit and the doubling of the standard deduction. For the average family of four, making 73,000 a year, it will be $2,059 in their pocket.”
“It’s bringing back hope and optimism to people after years of a stagnant economy and stagnant wages, People are seeing their take home pay go up. Companies are investing and expanding, and it’s giving people hope. People are starting to dream again. That’s what we want for Americans.”
VIEW ONLINE | Last December, we accomplished something historic for you and your family. The most sweeping reform of the tax code in more than three decades was signed into law. The goal was simple: to create more jobs, fairer taxes, and bigger paychecks. Since the last time this happened in 1986, our tax code had become a mess of special interest loopholes, high rates for middle-class families, and complexity for small businesses and job creators. You deserve a tax code that is fair, and encourages American businesses to hire more workers and invest here at home – and that’s exactly the results the Tax Cuts & Jobs Act is delivering for the middle-class families.
This year, we should all celebrate tax day for the first time … ever. Why? Because it’s the last time you and your families will ever file under the old, broken tax system. It’s the last time you will file under a tax code that works against you rather than for you—a tax code that made it difficult for families and small businesses to get by, let alone get ahead.
Next tax day will bring real relief to the annual hassle of filing taxes. The new law is designed to enable people in Eastern Washington to file their taxes in a simple and straightforward way. Additionally, the IRS has released a 2018 withholding calculator to help make sure you and your family are not sending more money to the other Washington this year than you should be by determining the appropriate withholding amount for your circumstances under the new law.
The Treasury Department estimates that 90 percent of Americans are already seeing more money in their paychecks as a result of tax reform. By nearly doubling the standard deduction, more of your hard earned pay is now tax free this year. In fact, the typical family of four making $75,000 a year will see a tax cut of more than $2,000.
Our tax plan also supports women and families. Under the improved Child Tax Credit, working parents will be able to reduce their federal income tax by up to $2,000 for each qualifying child. We also increased the fully refundable portion of the credit to $1,400 so families will receive more money depending on their tax liability. More money in families’ pockets means more options for child care and more savings for college.
The new tax law also preserved deductions for mortgage interest, property tax, and the ability of teachers to deduct expenses for school supplies, as well as the tax exempt status of graduate student tuition waivers so our students in Eastern Washington can focus on school.
As I travel around Eastern Washington, I continue to hear stories from people who are finding more money in their pockets as a result of the Tax Cuts & Jobs Act. In March, I visited Sonderen Packaging which reported its employees are now seeing anywhere from $70 to $300 more per month in their paychecks. Earlier this year, a woman called me who was so ecstatic about the extra $90 per month in her bank account that she was stumbling over her words with excitement. She told me it was more money to put food on the table for her family.
If you ask me, this money is going a lot further in your wallets than it ever would sitting in Washington, D.C. So, as you file your taxes this year just know, because of the Tax Cuts & Jobs Act, next year will be even better. The success of tax reform for hardworking families is already making a difference – and we’re just getting started.
Congresswoman Cathy McMorris Rodgers represents the 5th District in Eastern Washington. She is chair of the House Republican Conference, the fourth highest-ranking Republican in the House and the highest-ranking woman in Congress.