Understanding the Tax Cuts & Jobs Act

communications • November 2, 2017

“We have a once-in-a-generation opportunity to pass tax reform that is pro-growth, pro-jobs, pro-worker, pro-family, and pro-American.” – President Donald J. Trump

The vision for tax reform is simple. It’s about creating jobs, growing paychecks, and bringing fairer taxes to American families across our country. These goals were inspired by you and your community, by those who want their voices heard and their lives improved.

Americans deserve a tax code that works for, not against, them. Our vision for tax reform values and rewards hardworking Americans who are the backbone of this country.

So, without further ado, we’re excited to announce the Tax Cuts & Jobs Act, the bill text of tax reform.

Here are some of the key points for the Tax Cuts & Jobs Act

  • Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35% so people can keep more of the money they earn throughout their lives, and continues to maintain 39.6% for high-income Americans.
  • Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes – from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
  • Establishing a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600 to help parents with the cost of raising children, and providing a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.
  • Continues the deduction for charitable contributions so people can continue to donate to their local church, charity, or community organization.
  • Continues to allow people to write off the cost of state and local property taxes up to $10,000.
  • Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future.
  • Establishes strong safeguards to distinguish between individual wage income and “pass-through”business income so Main Street tax relief goes to the local job creators it was designed to help most.
  • Preserves the Research & Development Tax Credit – encouraging our businesses and workers to develop cutting-edge “Made in America” products and services.

These are just a few points from the available bill text. See them all for yourself at FairAndSimple.gop right now!

As we move forward in the legislative process, we will keep you up-to-date with our progress each step of the way.

So, what’s the next step? Now, the bill text heads over to markup –  this is where the Ways and Means Committee will begin considering the tax reform bill text, producing a final bill for the entire House of Representatives to consider. Once the bill leaves the House floor, it will head to the Senate.

To stay ahead on all things tax reform, sign up to receive updates directly to your inbox or text TAX REFORM to 50589 and get updates sent right to your phone.

This is a historic opportunity to give American workers the tax break they deserve.

You’re going to want a front row seat to this legislative work.

 

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Here’s the problem, our current tax code is BROKEN. Here’s the solution → the Tax Cuts & Jobs Act. #1182more