While our friends on the other side of the aisle and former-President Obama spent the past eight years doubling the national debt, regulating businesses, stifling wage increases and job growth, President Trump and the Republican-lead Congress are working on a historic tax reform package that will put more money into taxpayers pockets, increase business opportunities and keep American jobs at home.
Highlights of Our Plan
Lowers individual tax rates for low- and middle-income Americans
to Zero, 12%, 25%, and 35% so people can keep more of the money they earn throughout their lives, and continues to maintain 39.6% for Americans who make more than 1 million or more.
Eliminates special-interest deductions
that increase rates and complicate Americans’ taxes – so an individual or family can file their taxes on a form as simple as a postcard.
Establishing a new Family Credit,
which includes expanding the Child Tax Credit from $1,000 to $1,600 to help parents with the cost of raising children, and providing a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.
Reduces the tax rate on the hard-earned business income of Main Street job creators
to no more than 25% – the lowest tax rate on small business income since World War II.
Significantly increases the standard deduction
to protect roughly double the amount of what you earn each year from taxes – from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
Takes action to support American families
by expanding and enhancing important family-focused tax benefits.
Preserving the Child and Dependent Care Tax Credit
to help families care for their children and older dependents such as a disabled grandparent who may need additional support.
Lowers the corporate tax rate to 20%
– 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.
Let’s rally behind President Trump and our Republican House and Senate members to get this tax reform DONE!