Senate Approves Far Reaching Tax Reform to Help Hardworking Families and Boost America’s Economy
WASHINGTON D.C. – The United States Senate today approved the joint House-Senate conference report for the tax reform legislation, which is the culmination of efforts by Congress to help hardworking Americans by lowering taxes across the board and helping grow the economy. Senate Budget Committee Chairman Mike Enzi (R-WY) said the bill is the most sweeping change to our nation’s tax system in over 30 years and will help boost America’s economy, create more jobs, and leave more money in people’s paychecks.
“The goal of this bill is to help improve the lives of millions of hardworking American families, including the residents in my own state of Wyoming,” said Chairman Enzi. “This legislation includes meaningful changes that will help individuals and families struggling to move up the economic ladder. The tax plan includes reforms that will help grow the economy, create more jobs, and simplify taxes. It provides American workers and families with an across-the-board tax cut and will put more money in people’s pockets. Most importantly, it lets American families have a greater say as to how to use their hard-earned money.”
Enzi noted that under the plan, Americans would reap tax savings from reduced tax rates, a higher standard deduction (which creates a larger “zero” tax bracket for low-income individuals and increases many people’s tax refunds). It also includes a child tax credit that doubles in size to $2,000 to help struggling families. The bill would do this while preserving important deductions for medical expenses, charities, homeowners and state and local taxes. Our farmers and ranchers will receive stronger protections from the reach of the death tax to help them more easily pass on their businesses to future generations. Businesses small and large will benefit from a range of tax breaks, including lower tax rates, expanded opportunities to expense the purchase of capital assets, a new 20% deduction for many unincorporated businesses, and international tax reforms to give U.S. headquartered multinationals a strong competitive footing in the global marketplace.
Click here for a summary and highlights of the legislation.
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