Tax relief is one step closer for Virginia families. Earlier today, the House passed the bicameral conference report to H.R. 1, the Tax Cuts and Jobs Act. I supported this bill because at its very core the Tax Cuts and Jobs Act is about creating greater opportunity for men and women across the United States. It means more jobs, lower and fairer taxes, and bigger paychecks.
The Tax Cuts and Jobs Act lowers individual tax rates so families can keep more of their hard-earned money. Under this plan, a family of four earning an income of $73,000 will receive a tax cut of more than $2,000.
Here are just some of the ways this bill impacts you:
• Raises the standard deduction from $12,000 to $24,000 for married couples and from $6,500 to $13,000 for individuals. This means MORE money back in your pocket.
• Expands the Child Tax Credit from $1,000 to $2,000 and retains the Adoption Tax Credit
• Preserves the mortgage interest deduction for current and future homeowners
• Expands the medical expense deduction
• Maintains popular options used to save for retirement, like 401ks and IRAs
• Provides families with the flexibility to purchase the health coverage they want and need by eliminating the tax penalty created by Obamacare’s individual mandate
By creating a simpler, fairer tax system, the reforms in this bill will help put more money in the pockets of families and encourage job creators of all sizes to invest in the United States.
Following expected action in the Senate later today, the Tax Cuts and Jobs Act will head to the President’s desk before Christmas. I look forward to seeing this historic tax reform cross the finish line and deliver much-needed tax relief to families across the country.
Learn more about the Tax Cuts and Jobs Act Visit fairandsimple.gop.
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In the Office this Week
It was a great surprise to see Dot Richardson and her husband, Bob Pinto, in the office yesterday. Dot is a two-time Olympic gold medalist in softball and is currently the coach of the Liberty University softball team. For anyone who attended the Sixth District Women’s Conference in Lynchburg last year, you’ll recognize Dot as one of our excellent panelists.