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The President has now signed into law the Tax Cuts and Jobs Act, and our nation is just 10 days away from the New Year and a new tax code that’s built to deliver more jobs, fairer taxes, and bigger paychecks to Americans across the country.
Over the next 10 days, we’ll ring in the New Year and the start of our nation’s new tax code by counting down 10 important ways this historic law will help the American people. Here’s a preview of our “New Year, New Tax Code” Countdown:
10 – Dec. 22: Nearly Doubling the Standard Deduction
Increasing the standard deduction to $12,000 for individuals and $24,000 for married couples – nearly double the amounts available today – will protect far more of every paycheck from taxes and make tax filing dramatically simpler and easier for the American people.
9 – Dec. 23: More Job Opportunities
American businesses large and small will have the lowest tax rates in modern history, allowing them to keep more money to grow and create new jobs. In fact, according to independent estimates from the Tax Foundation, this new tax code will help create nearly 340,000 full-time American jobs over the long term.
8 – Dec. 24: Helping Small Businesses Get Ahead
Main Street job creators will see historic new tax relief to help them succeed and grow. This includes a first-ever small business tax deduction of 20% that will save our job creators money so they can create more jobs and increase paychecks.
7 – Dec. 25: Encouraging and Rewarding Charitable Giving
Preserving and expanding the charitable deduction will continue to encourage and reward Americans who give back to their local church, charity, or other cause they believe in.
6 – Dec. 26: Keeping Tax Benefits Americans Count On
Americans will continue to have important tax benefits and deductions they count on, including relief for high medical bills, mortgage interest, state and local taxes, and education expenses. Our new tax code also retains popular retirement savings options such as 401(k)s and IRAs.
5 – Dec. 27: Protecting American Workers and Stopping Jobs from Moving Overseas
Not only will our new tax code protect American workers and stop jobs from moving overseas – it will help reestablish our nation as a 21st century magnet for job creation, innovation, and economic growth.
4 – Dec. 28: Bigger Paychecks
After years of stagnant wages, this new tax code will finally help Americans get a raise. It will reward hard work and encourage investment in our communities to increase the growth of jobs, productivity, and paychecks for hardworking Americans nationwide.
3 – Dec. 29: Greater Simplicity and Fairness
The nightmare of tax complexity is coming to an end. With this dramatically simpler and fairer tax code, roughly 9 out of 10 Americans will be able to file their taxes on a form as straightforward as a postcard.
2 – Dec. 30: Doubling the Child Tax Credit
Doubling the Child Tax Credit from $1,000 to $2,000 will help more parents across the country with the costs of raising a family and caring for loved ones.
1 – Dec. 31: Lower Tax Rates for All Americans
With lower tax rates at all income levels, Americans in every community will be able to keep more of their hard-earned money to save or spend as they see fit. In fact, a family of four earning the median family income of $73,000 will save over $2,000.
Jan. 1: Happy New Year!
Happy New Year! Today marks the beginning of a new tax code built specifically to deliver more jobs, fairer taxes, and bigger paychecks to Americans nationwide.