Walberg, House Pass Historic Middle Class Tax Relief
Washington, D.C. – Congressman Tim Walberg (MI-07) voted today for the House-Senate conference report for H.R. 1, the Tax Cuts and Jobs Act, to deliver historic tax relief for workers, families and job creators in Michigan. The sweeping tax reform legislation is the first major overhaul of the tax code in more than 30 years. With this bill, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059. Click here to watch Walberg’s remarks on the House floor.
“Today’s vote is a pivotal moment for hardworking families in Michigan who need a break. For the first time in three decades, we are overhauling the code to reduce the burden on taxpayers and revitalize our economy,” said Congressman Walberg. “Under our plan, families who are struggling to make ends meet will see more money in their pockets to help with the cost of living. Small businesses will be empowered to grow and our economy will be stronger with more good-paying job opportunities. With President Trump’s signature in the coming days, we will enter the New Year with new tax cuts and more take-home pay to help the people of Michigan.”
Highlights of the Tax Cuts and Jobs Act:
- Lowers individual tax rates across the board so people can keep more of their hard-earned money.
- Doubles the standard deduction so more income will be protected from taxation—from $6,500 to $13,000 for individuals and from $12,000 to $24,000 for married couples.
- Expands the Child Tax Credit from $1,000 to $2,000 for single filers and married couples to help parents with the cost of raising children.
- Improves savings vehicles for education by allowing families to use 529 accounts to save for elementary, secondary and higher education.
- Lowers the corporate tax rate to 21% – down from 35%, which today is the highest in the industrialized world.
- Delivers significant tax relief to Main Street job creators by offering a first-ever 20% tax deduction that applies to the first $315,000 of joint income.
- Allows businesses to immediately write off the full cost of new equipment to improve operations and enhance the skills of their workers – unleashing growth of jobs, productivity, and paychecks.