Last month, President Trump signed into law the most comprehensive and transformational tax reforms in a generation.
The Tax Cuts and Jobs Act was seven years in the making and I am pleased with the final result because I know that these reforms will be beneficial for our district. Our hardworking neighbors deserve the tax relief that will result from this bill.
There is a lot of misinformation about what this bill means for families across our district and the country, but these are the facts:
- We repealed the individual mandate for healthcare which gives you more freedom to choose the health insurance coverage that is right for you and your family.
- We nearly doubled the standard deduction, lowered taxes across the board, and preserved important tax relief like the medical expense deduction, giving the typical family of four in our district a $1,600 tax cut.
- We doubled the child tax credit to $2,000 to help provide support to parents who are raising children.
These historic tax cuts also signify a new era of economic opportunity, growth and job creation for hardworking Americans. The bill delivers tax relief to businesses of all sizes so they can invest, grow and compete here at home and around the world. When businesses thrive, job creation follows.
Since the bill was signed into law, over 100 companies from across industries and of all sizes have announced bonuses and increased wages and benefits for their employees, as well as plans to expand hiring efforts. These are the facts. Tax reform works.
The US economy is already booming. The Dow reached 25,000 for the first time in history, signaling enthusiasm for the tax cuts. In December 2017 alone we added 148,000 new jobs to the economy and unemployment is at a 17-year low. This is just the beginning.
With this new tax code that is designed for growth, we look forward to a 2018 of higher paychecks, more jobs, competitive businesses, and a brighter future for our families.