Tax Reform Working for You
Americans Are Paying Less in Taxes
- It’s estimated that the typical family of four could see savings of more than $2,000.
- The U.S. Treasury Department says 90% of wage earners will see higher pay due to lower taxes.
Lower Tax Rates and Higher Income Thresholds
- Most of the tax rates were lowered and several rates were lowered substantially.
- Not only were tax rates lowered, but higher income thresholds means more Americans qualify for lower tax rates.
Standard Deduction Doubled
- The standard deduction was nearly doubled from $6,350 to $12,000 for single filers and from $12,700 to $24,000 for married couples. That larger deduction, along with lower rates, means lower taxes and a simpler filing process for most taxpayers – a win-win!
Health Care Mandate Penalty Repealed
- The tax reform bill repealed the health care mandate. Effective in 2019, Americans won’t face a penalty for choosing not to purchase health insurance as mandated by the Affordable Care Act. No longer will someone be forced to pay for something they don’t need or can’t afford!
Hundreds of Companies Have Expanded Benefits
- As a result of tax reform, nearly 400 companies have announced bonuses, raises, new investments, or other benefits that are helping millions of Americans.
A Stronger, More Competitive Economy
- Tax reform lowered the corporate tax rate to 21%, encouraging investment and job creation. Before tax reform, the U.S. had the highest corporate tax rate in the developed world, causing businesses to move overseas and take good-paying jobs with them. Now businesses are investing here and creating good-paying jobs all over the country.
Americans Are Already Reaping the Benefits
- New IRS tax-withholding guidelines mean that workers don’t have to wait – the results are showing up in weekly paychecks!
- New investment and jobs are being created every day and bonuses and raises continue to be announced.