Five Ways Families Win Big with Tax Reform

December 26, 2017 — Blog   

President Trump recently signed the Tax Cuts and Jobs Act into law – marking the first overhaul of the nation’s tax code in 31 years. With this historic action, relief is on the way for the hardworking families across the country who have struggled under our nation’s old tax code.

What does this mean for you and your family?

 

1. More of Your Hard-Earned Money to Save, Spend, and Invest in the Way You See Fit

By nearly doubling the standard deduction, lowering taxes across the board, and preserving important tax relief such as the mortgage interest deduction, the Tax Cuts and Jobs Act helps families of all walks of life keep more of the money they earn for what matters most to them. For a typical family of four earning $73,000, this new law will cut their taxes by more than $2,000.

Starting in February, families will see a difference in their paychecks as their tax cuts kick in. And when they file their taxes for 2018, more of their money will be protected from taxes – that’s real money families can save, spend, and invest the way they see fit.

 

2. More Support for Raising Your Children and Taking Care of Loved Ones

The Tax Cuts and Jobs Act doubles the Child Tax Credit – from $1,000 to $2,000 for each child – and expands it to more families across the country, providing crucial support to parents who are raising children. It also preserves the Child and Dependent Care Tax Credit – which helps families care for their children and older dependents such as a disabled grandparent who may need additional support – and the Adoption Tax Credit so parents can continue to receive additional tax relief as they open their hearts and homes to an adopted child.

 

3. More Time

The Tax Cuts and Jobs Act significantly increases the standard deduction and eliminates costly special interest tax breaks to lower taxes and simplify the tax code. After April 15th, families won’t have to dread the hours of frustration and hassle filling out tax forms under our prior overly complex tax code – and wonder if they will get some money back from the Internal Revenue Service. Instead, with this new law, nearly 9 out of 10 Americans will be able to file their taxes on a form so simple and straightforward it could fit on a postcard. That’s precious time families get back.

 

4. More Job Opportunities and Bigger Paychecks

The Tax Cuts and Jobs Act delivers historic tax relief to businesses of all sizes so they can invest more money in American workers – creating more jobs and increasing paychecks. The new law also takes action to increase American competitiveness so American businesses that moved to other countries under our prior broken tax code will move their jobs and headquarters back home. As a result of the Tax Cuts and Jobs Act, job creators like AT&T, Wells Fargo, and Boeing have already pledged to provide bonuses to their employees, raise wages, and make substantial investments to grow their workforce.

 

5. More Freedom to Choose the Health Care That’s Right for You

The Tax Cuts and Jobs Act repeals the harmful effects of Obamacare’s unpopular and ineffective individual mandate. By eliminating this unfair tax, Americans will no longer be forced to buy government-dictated health insurance they don’t want, don’t need, and often times can’t afford to use. Instead, families will have the freedom to buy a health care plan that’s right for them, if they choose.

 

CLICK HERE to see how much tax relief the Tax Cuts and Jobs Act will deliver to middle-income families in every Congressional district who will take the new, larger standard deduction.

CLICK HERE to learn more about the Ways and Means Committee’s path to pro-growth tax reform.

CLICK HERE to learn more about the Tax Cuts and Jobs Act.