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Tax Reform

The U.S. House of Representatives passed the conference report of H.R. 1, the tax reform bill, by a vote of 224 to 201, which the Senate also passed. The President signed this bill into law on on Friday, December 22, 2017.

The bill is a great step forward for our economy and our country. It is time that we let hardworking Americans keep more of the money they earn.  The bill is not perfect.  I am disappointed that the Death Tax is not completely abolished and that the end product is not as simple as I would like or had hoped. But this tax reform bill is our chance to lower taxes, boost the economy, and bring jobs back to America.

Highlights of the tax bill:

  • Family making median income of $73,000 will see a tax cut of $2,059 according to House and Senate tax committees;
  • Lowers individual tax rates for Americans to 10, 12, 22, 24, 32, 35, and 37 percent;
  • Nearly doubles the standard deduction and eliminates special interest deductions;
  • Expands and increases the Child Tax Credit and preserves the Child and Dependent Care Credit and the Adoption Tax Credit;
  • Preserves the mortgage interest deduction for existing mortgages and maintains the mortgage interest deduction for new homes up to $750,000;
  • Allows state and local taxes to be deducted up to $10,000, which puts all states on a more even playing field;
  • Retains retirement savings options such as 401(k)s and Individual Retirement Accounts (IRAs);
  • Eliminates the Obamacare individual mandate penalty beginning January 1, 2019;
  • Preserves and temporarily expands the medical expense deduction;
  • Doubles the Death Tax exemption;
  • Lowers the corporate tax rate to 21 percent; and
  • Offers a new 20 percent tax deduction to small and family-owned pass-through businesses with joint incomes below $315,000.

This tax bill means that families will benefit from a healthier economy, from more jobs, and from a high quality of life created by putting Americans on a more level playing field with our foreign competitors.

To read the full bill click here.

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