Tuesday, April 24, 2018

5 Reasons Next Year Will Be Less Taxing

The April 17 Federal income tax deadline [has passed and it] is a perfect opportunity to remind your neighbors that this is the last time they will have to deal with America's old, broken tax code thanks to the Tax Cuts and Jobs Act passed by Republicans in Congress and signed by President Donald Trump in December. Five big changes stand out:

  1. Lower tax rates for Americans across the board - hard-working Americans will keep more of what they earn.
  2. A nearly doubled standard deduction.
  3. A doubled child tax credit to help families, along with better saving options for education.
  4. A simpler process to make filing taxes less of a headache.
  5. Relief from the Affordable Care Act's ineffective mandate.

On the business side, tax reform is unleashing growth. Small business confidence surged to a record high following the passage of tax cuts, and it remains at historically high levels. Employers are ready to expand—good news for workers as the unemployment rate remains at a 17-year low of 4.1 percent.

National Federation of Republican Women