Tax Reform Means Your Paycheck Will Grow
Wall Street Journal
December 19, 2017
"The Tax Cuts and Jobs Act, which the House passed Tuesday, represents the biggest advancement for growth and opportunity in recent memory. It provides real relief to middle-income families and realizes policy goals conservatives have sought for decades.
"Taxpayers will get significant relief soon. A family of four earning the median income of $73,000 can expect a $2,059 tax cut…
"The bill significantly increases the standard deduction, nearly doubling the amount you can earn completely tax-free. It also makes taxes simpler, so that nearly 9 in 10 Americans will be able to file their taxes on a form the size of a postcard.
"Middle-income families will benefit from the doubling of the child tax credit to $2,000 a child. The expansion of 529 college-savings plans to elementary and secondary education means more Americans will be able to invest in their children’s futures.
"This bill will also create jobs and drive up wages. It cuts the highest corporate tax rate in the industrialized world from 35% down to 21%, below the developed-nation average. This will make American companies more competitive. By driving economic competitiveness, lowering the cost of capital, and moving to a territorial system like most other countries, America will once again become the best place in the world to invest and build a business…
"Relief is also coming for the small businesses that are at the heart of the economy. A new provision will enable job creators on Main Street to deduct 20% of their income. Small businesses will also be able to write off immediately the full cost of new equipment, giving them an incentive to expand and hire more workers.
"Moments like this come along once in a generation. This is conservative reform at its best: applying our founding principles of liberty, limited government and free markets to the most pressing challenge of the day. We are delivering relief to those who have struggled for too long under an antiquated system. And we are keeping our promise to the American people by giving them the tax cut—and tax code—they need and deserve."
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