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Taxes

On December 19, 2017, I voted for a major tax reform bill – the first substantial overhaul of our tax code in 31 years. This bill passed Congress and President Trump signed it into law.  I supported this legislation because it will give much-needed tax relief to the majority of Idaho families and businesses. Specifically, it creates a flatter, simpler tax code, which includes the following changes:

  • Lowering individual tax rates for low- and middle-income Americans
     
  • Nearly doubling the standard deduction
     
  • Expanding the child tax credit from $1,000 to $2,000
     
  • Lowering the corporate tax rate from 35% to 21%
     
  • Repealing the Obamacare individual mandate tax

What does this mean for everyday Americans? For the average family that is working paycheck to paycheck, this tax bill will lower their taxes by an average of 60 percent.  The average single parent will receive a 70 percent tax cut.

While I would have preferred to see Congress go further in eliminating loopholes, lowering the overall rates, and reducing spending to avoid increasing our debt, the bill we passed is a good start. As far as I’m concerned, any time we can allow Idahoans to keep more of their hard-earned money, that’s a good thing.

To learn more about the 2017 tax reform law, please click here.