Tax Reform: What’s in It for You
By Sen. Mitch McConnell
The Wall Street Journal
December 3, 2017
For many Americans the legacy of the Obama economy is sluggish growth, stagnant paychecks and missed opportunities. A lost generation of workers still struggle with the consequences of the Great Recession and find it nearly impossible to get ahead. One of the biggest obstacles to their success has been our nation’s complex and outdated tax code. For too long it has dragged down our economy and taken too much from their paychecks.
That’s why the Republican-led Senate passed a critical tax reform bill that will help make America an economic powerhouse again.
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Since Republicans in Congress began working on tax reform with the Trump administration, everyone has agreed that middle-class families must be at the heart of our plan. They will benefit from tax rates that are lower, simpler and fairer. Our bill doubles the child tax credit, preserves the adoption tax credit for families that open their homes to children in need, and roughly doubles the standard deduction. Under the plan we passed, a median-income family of four could see a tax cut of nearly $2,200—money it could use for anything from helping a child through college to saving for retirement.
Our plan will also help small businesses grow. That’s why it has the support of prominent advocates including the National Federation of Independent Business. Lower taxes will help small businesses create jobs, invest more, and spur economic growth.
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In addition to these important provisions of the tax bill, the Senate also voted to deliver relief to low- and middle-income Americans by repealing ObamaCare’s individual mandate tax. For too long, families have suffered under this unpopular and unfair tax imposed under an unworkable law.
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Lowering taxes for families and small businesses is a central part of President Trump’s agenda, and we worked together toward this accomplishment for the American people.
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I am proud that the Senate rose to take advantage of this historic opportunity to give a break to middle-class families through tax reform. Now we will work with members of the House to send a final product to Mr. Trump for his signature.
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