Taxes & Economy
Click here to get the most up to date information about my views and work on taxes.
This new tax plan incorporated many of my principles when it comes to tax reform:
Virginians in every community are keeping more of their hard-earned money to save or spend as they see fit. The new code will increases the standard deduction to protects more of every paycheck from taxes and make tax filing easier.
The new code will also help Virginian families. The doubled Child Tax Credit will be available to more families across the country as they deal with the increasing costs of raising a family. The new tax law also improves saving options for education by allowing families to use 529 accounts to save for elementary, secondary, and higher education – whether it’s college or a vocational school.
Thanks to the Tax Cuts and Jobs Act, nearly 9 out of 10 Americans will be able to file their taxes in a simple, straightforward way.
Relief helps the family of four who makes less than $60,000 a year - a situation a lot of Virginians are in. With a lower rate, a significantly higher standard deduction, an enhanced Child Tax Credit, and the new Family Credit, this family will reduce their total tax bill by almost $1200.
With the Tax Cuts and Jobs Act, small businesses have record levels of optimism. We are seeing the savings from this law reinvested back in businesses, employees, communities, and our economy