Today is March 1, which means it’s officially Women’s History Month. And how better to kick off this month of remembrance than by celebrating the women who are making history all across this country?
Just look at these numbers:
- 9.4 million businesses in America are owned by women
- Nearly 3 million women-owned businesses are owned by women of color, employing 1.4 million people
- Women are graduating from college at a faster rate than men
- More than 70 percent of moms have a job outside of family life
- Women make up 47 percent of the workforce and 40 percent of family breadwinners.
These millions of women are millions of reasons why House Republicans voted for more jobs, fairer taxes, and bigger paychecks.
After years of House Republicans holding hearings and listening to the American people, we passed the Tax Cuts & Jobs Act with every family, farmer, business owner across this country in mind.
Until December 2017, our tax code had not been updated in more than three decades. It was cumbersome, costly, punished success, and made it difficult for Americans to get by, let alone get ahead.
We simplified the code and reduced the tax rate on Main Street to the lowest rate since World War II and allow small businesses to write off the full cost of new equipment. And for the startups out there, our bill also provided a new, low tax rate of 9 percent for the first $75,000 of business income earned by owners of pass-through businesses of all types who earn less than $150,000.
In addition to being trailblazers in the workforce, women are often the family budgeters, and that got much easier with the Tax Cuts & Jobs Act. Under the new IRS withholding tables, the average family of four making $73,000 is seeing $2,059 back in their pockets.
Also, because of tax reform:
- More than 400 companies (so far) have increased employee benefits
- 4 million Americans (and counting) are getting a bonus
- 80 million Americans are expected to see decreased utility bills
- And, 90% of Americans will pay less in taxes!
Our bill doubled the standard deduction, meaning more of your money is tax-free. If you’re single, you won’t pay taxes on your first $12,000 in income. If you’re married, that bumps up to $24,000. For comparison, this second figure was previously only $12,700.
For working moms, the changes in family tax breaks are a game-changer. We expanded the Child Tax Credit from $1,000 to $2,000 ($1,400 of which is refundable), preserved the Adoption Tax Credit, and expanded 529 savings accounts for K-12 education. These all provide extra cushion that will help cover the costs of childcare and other expenses, including a $500 non-refundable credit for non-child dependents.
As we celebrate the boldness of the trailblazers who came before us, this month is an opportunity to celebrate a bright new future in which courageous women from all walks of life keep making history for years to come.