In this season of giving, we’re about to get the biggest and best gifts of all: more money in our pockets, and a much brighter future for our families and our country—thanks to the historic tax cuts being finalized right now.
As a working mom and the only female physician ever elected to Congress, I saw firsthand how our nation’s complicated and burdensome tax code hurt families and small businesses, squeezed the middle class, and sapped resources essential to jobs and growth.
President Trump has seen this too, all across our country—he’s listened to the workers eager to have better jobs and bigger paychecks, to the moms and dads aspiring to give their kids the best possible start in life. And he knows that tax cuts are the most powerful way to help them.
The president has tirelessly and emphatically pushed for Congress to craft tax cuts that will put people back to work by making it easier for businesses of all sizes to grow and hire, leveling the playing field with the rest of the world, raising wages, and making “Made in the U.S.A.” a reality in ways that haven’t been possible for decades. That’s what a historic reduction in the corporate tax rate, and lowering taxes on the small businesses known as S Corporations, will do.
More of us going to work and bringing home bigger paychecks means healthier communities and better and more secure futures for our families. Tax relief has a very real impact on every aspect of our life and well-being. —and those benefits will be magnified by tax relief and reform on the personal side.
The new tax code will cut income taxes for just about everyone, including a yearly tax break for the average middle-class family of up to $2,000. The standard deduction will double to $24,000 for married couples filing jointly and $12,000 for individuals, saving us money and eliminating for most of us the burdens of itemization — while letting us keep the opportunity to deduct expenses for homeownership, medical care, education, and charitable giving. Folks in graduate school, paying off medical bills, supporting causes important to them, or looking to buy their first home all will find a friend in the new tax code.
The next generation of workers and earners will find relief they have a friend in the new tax code as well, because doubling the child tax credit to $2,000 per child will help parents to afford child care and schooling. And for families who have worked hard and saved to create a legacy for their children, doubling the death tax exemption will help to spare grieving loved ones the cruel burden of selling their farms or family businesses because of the tax burden.
The tax cuts that we’ll enjoy today will, very importantly, also establish the foundation for a vastly healthier economy in the years to come — as has been verified by the distinguished economists who say that the new tax plan will ultimately boost our nation’s GDP by as much as 4 percent per year.
Congress is almost done with its work, polishing final details of the plan—and I’m confident that President Trump will fulfill his Christmas wish on behalf of voters: signing the aptly-named Tax Cuts & Jobs Act before December 25.
It’s the gift we’ve all been waiting for, just in time for the holidays and an even more prosperous New Year.
The Honorable Nan Hayworth, M.D. is a board-certified ophthalmologist and the only female physician ever elected to Congress, in which she represented the 19th District of New York. She is a member of the board of the Independent Women’s Forum and chairman of the board of directors of ConservAmerica.
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