“Today, we kept an important promise to the voters in delivering an overhaul of our broken tax code and bringing tax relief to millions of lower and middle income families.”
"For decades, working families in
Walker also released the following video with information about how the Tax Cuts and Jobs Act will impact the families and small businesses of
The Tax Cuts and Jobs Act, can be read in full here https://house.us12.list-manage.com/track/click?u=3f5d3485213d43c27ba545867&id=62f1d9f4fd&e=13469679a6, and a policy summary of the bill can be read here https://house.us12.list-manage.com/track/click?u=3f5d3485213d43c27ba545867&id=37568f04dc&e=13469679a6.
* RELATED: From The
* The Tax Cuts and Jobs Act:
* 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 high-income Americans.
* Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes - from
* 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.
* Takes action to support more American families by:
* Establishing a new Family Credit - which includes expanding the Child Tax Credit from
* 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.
* Preserves the Earned Income Tax Credit to provide important tax relief for low-income Americans working to build better lives for themselves.
* Streamlines higher education benefits to help families save for and better afford college tuition and other education expenses.
* Continues the deduction for charitable contributions so people can continue to donate to their local church, charity, or community organization.
* Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to
* Continues to allow people to write off the cost of state and local property taxes up to
* Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future.
* Lowers the corporate tax rate to 20% - down from 35%, which today is the highest in the industrialized world - the largest reduction in the
Thursday morning, Walker gave a speech on the floor of the
"Thank you
"For the first time since 1986, we are going to overhaul our broken tax code. Here is what that means for families in
"I am encouraged that our
"Last, I would like to thank Chairman Brady. There is no greater servant in
"Today, we keep our promise. It's time to move forward.
"I yield back."
Read this original document at: https://walker.house.gov/media-center/press-releases/walker-delivers-promise-reform-tax-code-supports-tax-cuts-and-jobs-act
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