HomeNewsOut With The Old, In With The New: Tax Cuts And Reforms That Look Out For Hardworking Taxpayers
April 17, 2018
Out With The Old, In With The New: Tax Cuts And Reforms That Look Out For Hardworking Taxpayers
“When we began our push for tax cuts, I promised that our bill would result in more jobs, higher wages, and tremendous relief for middle-class families, and that is exactly what we have delivered.”
President Donald J. Trump
Five big changes stand out: 1) Lower tax rates for Americans across the board; 2) a nearly doubled standard deduction; 3) a doubled child tax credit to help families, along with better saving options for education; 4) a simpler process to make filing taxes less of a headache; and 5) relief from the Affordable Care Act’s ineffective mandate.
A NEW SYSTEM FOR HARDWORKING TAXPAYERS: Hardworking taxpayers will see more money in their paychecks as a result of the Tax Cuts and Jobs Act signed into law by President Donald J. Trump.
Today is the last “Tax Day” under the old system.
Next Tax Day in 2019, taxpayers will clearly see the results of the Tax Cuts and Jobs Act, as Washington will be taking less of their hard-earned wages.
Approximately two-thirds, 65 percent, of all households will see lower marginal income tax rates in 2018, according to a recent analysis by the Tax Policy Center.
Taxes are expected to decline across all income groups.
82 percent of middle-income taxpayers are expected to receive an income tax cut.
A typical family of four earning $75,000 a year and with two children will see a tax cut of more than $2,000 in 2018.
Americans deserve a tax code that enables them to file their taxes without an army of lawyers and accountants and the Tax Cuts and Jobs Act will help do just that.
Under the Tax Cuts and Jobs Act, a large majority of American families will have their taxes simplified because of the increased standard deduction.
Dozens of special interest tax breaks and loopholes have been eliminated, which will raise $4 trillion in revenue to help offset tax cuts for American workers and families.
TAX CUTS AND REFORMS THAT WORK FOR AMERICAN FAMILIES: Less money taken out of workers’ paychecks will mean more money freed up to provide for their families and invest in their future.
Americans deserve a tax system that has their backs and the Tax Cuts and Jobs Act does just that by taking less out of workers’ paychecks and supporting their efforts to provide a better future for their families.
As a result of the tax cuts and reforms signed into law by President Trump, American families can look forward to:
Lower individual tax rates.
A nearly doubled standard deduction, from $6,500 to $12,000 for individuals and from $13,000 to $24,000 for married couples.
A doubled Child Tax Credit, increased from $1,000 to $2,000 per child.
A new $500 tax credit for dependents age 17 or older.
An expanded medical expense deduction.
No more individual mandate penalty tax.
Expanded use of 529 education savings accounts, which can now be used to help pay for elementary and secondary education in addition to college.
TAXPAYERS TELL THEIR STORIES: President Trump has heard directly from hardworking taxpayers about how the Tax Cuts and Jobs Act is improving their lives.
Since signing these historic tax cuts and reforms into law, the President has held a series of meetings and events with workers, business owners, and families to hear their stories.
In West Virginia, President Trump heard from Tony Hodge, a rural mail carrier with two young children, who said that his “family has been able to save, this year, $2,417” because of the Tax Cuts and Jobs Act.
Jessica Hodge, Tony’s wife, told the President that “this is a big deal for our family.”
Sean Farrell, an engineer at Service Pump and Supply in West Virginia with two children in private school, spoke with President Trump about how the expansion of 529 savings account is helping his family.
Farrell told the President: “Last month, we opened for the first time a 529 account. Previously, these accounts could only be used to spend on college education. With the changes to the tax law, we can now spend it with St. Joe, for our kids’ K-12 education.”
During an event in Ohio, Deana Spoleti, who works in customer service at Sheffer Corporation, told the President “we’ll have money in the bank, more money to make ends meet” due to tax cuts.
In an Oval Office meeting, John Anfinson, an Iowa small business owner, said that his granddaughter and her husband are “going to have about $6,000 additional money they got to keep.”