Signed into law by President Trump on December 22, 2017, the Tax Cuts and Jobs Act (H.R. 1) overhauls America’s tax code to revitalize our nation’s economy and deliver historic tax relief to workers, families, and local job creators. By lowering taxes across the board, eliminating costly special-interest tax breaks, and modernizing our international tax system, the Tax Cuts and Jobs Act will help create more jobs, increase paychecks, and make the tax code simpler and fairer for Americans of all walks of life.
With this law, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059.
CLICK HERE to learn how the law is already helping workers, families, and job creators in your state.
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at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37% so people can keep more of their hard-earned money.
to protect roughly double the amount of what you earn each year from taxes – from $6,500 and $13,000 under current law to $12,000 and $24,000 for individuals and married couples, respectively.
– up to $10,000. Gives individuals and families the ability to deduct property and income taxes – or sales taxes – to best fit their unique circumstances.
Expanding the Child Tax Credit from $1,000 to $2,000 for single filers and married couples to help parents with the cost of raising children, and preserving the Child and Dependent Care Tax Credit and the Adoption Tax Credit.
– providing tax relief to current and aspiring homeowners. For all homeowners with existing mortgages that were taken out to buy a home, there will be no change to the current mortgage interest deduction.
by expanding the medical expense deduction for 2017 and 2018 for medical expenses exceeding 7.5 percent of adjusted gross income, and rising to 10 percent beginning in 2019.
– providing families with much-needed relief and flexibility to buy the health care that’s right for them if they choose.
by allowing families to use 529 accounts to save for elementary, secondary and higher education.
Today, American families spend countless hours and dollars each year just to file their taxes. Under the Tax Cuts and Jobs Act, all of that will change. The law takes action to simplify the code so dramatically that 9 out of 10 Americans will be able to file their taxes on a form as simple as a postcard."
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