I would like to express my sincere gratitude to Congressman Dan Newhouse. For the first time in 31 years, a major pro-growth and pro-family reform of our federal tax code was passed reducing the burden of taxes and government mandates on American families and businesses.
There are several reasons this new law helps the middle class, everyday Americans. It lowers individual tax rates in every bracket and expands the zero percent bracket. Under the new law, the standard deduction, which is used by an overwhelming majority of Americans, is doubled. It doubles the child tax credit from $1,000 to $2,000. The threshold for the (estate) tax is doubled, which shields more small businesses and farming and ranching families from the unfair tax. It preserves home mortgage interest deductions up to $750,000. Americans can continue to write off costs of state and local property taxes up to $10,000. It provides relief for Americans with expensive medical bills by expanding medical expense deductions. Farmers and small business owners can now immediately write off the cost of new equipment.
Americans will no longer be penalized by Obamacare’s individual mandate tax.