Poll: Relief By Christmas
There is one thing that members of both parties can agree on: our tax code is a mess. Small business owners and families across America are burdened by the cost of and time spent complying with our overwhelming tax code each year. That’s why the House passed the Tax Cuts and Jobs Act (H.R. 1) last week. It will deliver much-needed tax relief to families, help our workers and job creators compete and win here at home and around the world, and make the tax code simpler and fairer for all Americans. It will fuel economic growth – leading to more jobs, fairer taxes, and bigger paychecks for Virginians.
Here are some of the highlights:
• Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35% so people can keep more of the money they earn throughout their lives, and continues to maintain the 39.6% for high-income Americans.
• Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes—from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
• Establishes a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600; additionally, it provides a $300 credit for each parent and non-child dependent to help all families with their everyday expenses.
• Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for the future.
• Continues to allow people to write off the cost of state and local property taxes up to $10,000.
• Preserves the Earned Income Tax Credit to provide important tax relief for low income Americans working to build better lives for themselves.
• Eliminates special-interest deductions that increase rates and complicate Americans’ taxes—so an individual or family can file their taxes on a form as simple as a postcard.
• Continues the deduction for charitable contributions for donations to churches, charities, or community organizations.
With the passage of the Tax Cuts and Jobs Act, the House has done its part and now the Senate must act. In the coming weeks, the Senate will continue their own process of debating tax reform legislation. By Christmas, our hope is that Congress will deliver historic reform to put more money back in the hands of the American people and give our economy the boost it so desperately needs.
As the process continues to move forward, I want to know what you think. Please take a moment to respond to the short survey below.
Do you want tax relief passed by Christmas?
I don’t know
Other. Please fill in the text box below
Click here to take the poll.
I appreciate you taking the time to share your thoughts with me. Your opinion helps shape my thinking as I represent you in Washington.