~ Where the Sun Will Never Set on Our liberty ~
More jobs. Fairer Taxes. Bigger Paychecks.
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Tomorrow, the House of Representatives will vote for the biggest tax reform package in a generation. It is called the Tax Cuts and Jobs Act, and it will lower taxes across the board and make it so that American businesses can grow and keep jobs right here at home, rather than shipping them overseas. In fact, the typical family of four earning the median income of $73,000 will receive a tax cut of $2,059 next year.
Put simply, this legislation is a game changer—for families, for businesses, and for America. I've bulleted a lot of the policy highlights below, and you can also read the bill here, or learn more about it by visiting FairAndSimple.gop.
Tax Cuts and Jobs Act
For individuals and families:
Lowers individual taxes rates so people can keep more of their hard-earned money.
Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes – from $6,500 and $13,000 under current law to $12,000 and $24,000 for individuals and married couples, respectively.
Continues to allow people to write off the cost of state and local taxes – up to $10,000. Gives individuals and families the ability to deduct property taxes and income – or sales – taxes to best fit their unique circumstances.
Expands the Child Tax Credit from $1,000 to $2,000 for single filers and married couples to help parents with the cost of raising children. The tax credit is fully refundable up to $1,400 and begins to phase-out for families making over $400,000. Parents must provide a child’s valid Social Security Number in order to receive this credit.
Preserves the mortgage interest deduction – providing tax relief to current and aspiring homeowners. For all homeowners with existing mortgages that were taken out to buy a home, there will be no change to the current mortgage interest deduction. For homeowners with new mortgages on a first or second home, the home mortgage interest deduction will be available up to $750,000.
Eliminates Obamacare’s individual mandate penalty tax – providing families with much-needed relief and flexibility to buy the health care that’s right for them if they choose.
Improves savings vehicles for education by allowing families to use 529 accounts to save for elementary, secondary and higher education.
Provides support for graduate students by continuing to exempt the value of reduced tuition from taxes.
Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts (IRAs) so Americans can continue to save for their future.
Provides immediate relief from the Death Tax by doubling the amount of the current exemption to reduce uncertainty and costs for many family-owned farms and businesses when they pass down their life’s work to the next generation.
For job creators of all sizes:
Lowers the corporate tax rate to 21% (beginning Jan. 1, 2018) – down from 35%, which today is the highest in the industrialized world – the largest reduction in the U.S. corporate tax rate in our nation’s history.
Offers a first-ever 20% tax deduction that applies to the first $315,000 of joint income earned by all businesses organized as S corporations, partnerships, LLCs, and sole proprietorships. For Main Street job creators with income above this level, the bill generally provides a deduction for up to 20% on business profits – reducing their effective marginal tax rate to no more than 29.6%.
Allows businesses to immediately write off the full cost of new equipment to improve operations and enhance the skills of their workers – unleashing growth of jobs, productivity, and paychecks.Protects the ability of small businesses to write off interest on loans, helping these Main Street entrepreneurs start or expand a business, hire workers, and increase paychecks
Retains the low-income housing tax credit that encourages businesses to invest in affordable housing so families, individuals, and seniors can find a safe and comfortable place to call home.
Preserves the Research & Development Tax Credit that encourages our businesses and workers to develop cutting-edge “Made in America” products and services.
Modernizes our international tax system so America’s global businesses will no longer be held back by an outdated “worldwide” tax system that results in double taxation for many of our nation’s job creators.
Makes it easier for American businesses to bring home foreign earnings to invest in growing jobs and paychecks in our local communities.
Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad.
For greater American energy security and economic growth:
Opens up responsible energy exploration in ANWR. (Learn more here.)
The more success shown by our corporations in the Trump economy, the more the national socialist liberals (like Bernie) will have to complain about. Bernie, "all men are created equal" does not mean that people are equal, their houses are equal, their intelligence is equal or any other social equal you can think of. What it means is that they are politically equal and equal in the eyes of God (as he created them in his own image).
The more I have looked into this bill, the better I like it! It's not going to affect me as far as the libs are screaming about NJ, NY, CT. My property taxes aren't over 10 grand. It will affect the rich people and they will flee these blue states.
RED STATES -- prepare for an invasion of clandestine liberals who will burrow into your society and destroy your economy and culture!
They are already doing that, JB! These northeast liberals leave for Florida or Tennessee or the Southwest, and take their liberal values (AND in many cases) state pensions with them!
FL, TN, TX—liberals will try and flip them!
The liberal states can slow down the migration and keep some of their tax base by paying state retirement benefits to only those who remain domiciled in the state. If a person wants to go to any other state, his pension payment might be reduced by 10% due to state "loss of tax revenue". ?? lol :))
I agree. Many states are like NY, where teachers and others employed by the state pay NOTHING into pensions or health care, both pre and post retirement. If they retire and do not remain a resident of the state that funded said retirement, they should hav etc pay health care premiums and accept the reduction in benefits. I doubt any state union would go along with it, but it would be fair!
Looking forward to keeping more of our money in our pocket. Our taxes have steadily risen over the past few years,and especially taxes on bonuses.
Me too, Kwic. I'm pleased this got done.
Many companies have announced similar investments already!
As Soon as Trump-Backed Tax Bill Passed, Comcast Makes a Huge $50B+ Announcement
The GOP tax bill has had an immediate effect on America after several businesses decided to pay their employees more and pour money into their communities as a direct result of paying less in taxes.
The latest company to make a huge change as a result of the tax bill is Comcast.
In a shocking announcement Wednesday, Comcast stated it would be investing over $50 billion into infrastructure over the next five years to “radically improve and extend our broadband plant and capacity, and our television, film and theme park offerings.”
On top of that, the company is awarding $1,000 bonuses to more than 100,000 employees.
Read the press release sent out by Brian Roberts, the chairman and CEO of Comcast:
AT&T also made an announcement it would be paying $1,000 bonuses to more than 200,000 of its U.S. employees as a direct result of the tax bill:
Boeing CEO Dennis Muilenburg announced the company would be investing a total of $300 million to charity, training and education, and infrastructure:
#Boeing announces $300M employee-related and charitable investment as a result of #TaxReform legislation to support our heroes, our homes and our future. pic.twitter.com/ZNawbAW7AY
— The Boeing Company (@Boeing) December 20, 2017
Fifth Third Bancorp raised its hourly wage for employees to $15 and committed to distributing $1,000 bonuses to 13,500 employees:
JUST IN: Fifth Third Bancorp announces plan “to raise its minimum hourly wage for all employees to $15, and distribute a one-time bonus of $1,000 for more than 13,500 employees” following passage of tax bill. https://t.co/iv4i2MTAkO
— CNBC Now (@CNBCnow) December 20, 2017
Wells Fargo announced a raise for its employees at $15 per hour and also decided to donate $400 million to community and nonprofit organizations in 2018:
CNBC: Wells Fargo to raise minimum hourly wage to $15, target $400 million in 2018 philanthropic contributions to support small businesses and homeownership due to historic GOP tax reform pic.twitter.com/b7p5w6x8xI
— Josh Caplan (@joshdcaplan) December 20, 2017
On top of all of those, CVS pledged to hire 3,000 workers, and FedEx also announced it would add employees, according to Fox News.
The Trump effect.
It's Official: Trump Signs Tax Cuts Into Law From the Oval Office
President Trump has delivered his promise of tax cuts for working class Americans by Christmas and signed The Tax Cuts and Jobs Act into law from the Oval Office Friday morning. He originally planned to host a more formal signing ceremony after the holidays, but wanted to keep his Christmas deadline.
"This is the bill, right here, we are very proud of it," Trump said, adding he asked for it to be taken out of a box so people could see it for the ceremony. "It's going to be fantastic for the economy."
"I didn't want you folks to say I wasn't keeping my promise," he continued. "We did a rush job today and it wasn't fancy, but it's the Oval Office."
.@POTUS delivers. Tax cuts signed. Economy booming. America winning again!
11:27 AM - Dec 22, 2017
The president also signed a series of other bills on a number of issues, including defense authorization and the continuing resolution to keep the government open. He praised a number of companies that have responded to the bill by giving workers bonuses and thanked House and Senate leaders for getting the job done.
"Corporations are literally going wild over this," Trump said. "Paul Ryan and Mitch McConnell, thank you very much."
The bill will go in effect in February.
Trump is headed to Mar-a-Lago for the long Christmas weekend and will stay away from Washington D.C. until after the New Year. He will host a party with First Lady Melania Trump at the resort on New Year's Eve.
What an amazing year: booming economy, tax cuts, ISIS on the run, stronger military. Whether his critics like it or not, America has turned a corner and this President is making America great again.
Robin, this is a great synopsis. I am liking this more and more, and hopefully peoples’ wallets will overcome the Kool-aid of the left!
I thought so too, JG! The left is going to be wiped out over this!