Walberg: Time for Middle Class Tax Relief
Washington, D.C.—Congressman Tim Walberg (MI-07) today voted for H.R. 1, the Tax Cuts and Jobs Act, to fix our broken tax code and provide meaningful tax relief to 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. Click here to watch Congressman Walberg’s remarks on the House floor.
“Hardworking families in Michigan have been squeezed for too long under our broken tax code. Our plan is geared towards giving low and middle-income families a break, increasing take-home pay, and putting more money in people’s pockets,” said Congressman Walberg. “By easing the tax burden on small businesses, it will allow them give out raises, hire more workers, and invest and grow our economy here at home. The bottom line: This bill is a win for families and their future. I urge the Senate to take swift action on tax reform so we can provide more jobs and bigger paychecks to the workers who need it most.”
What the Tax Cuts and Jobs Act means for Michigan’s 7th District
· A middle-income family of four in the 7th District who takes the new, larger standard deduction would see a tax cut of $2,107.
· In the 7th District, 49,556 taxpayers who claim the Child Tax Credit will see that credit expanded from $1,000 today to $1,600 under our plan.
· In the 7th District, 42,696 taxpayers with small business income will benefit from our new, lower small business tax rates.
· Thanks to nearly doubling the standard deduction, more of the 86,154 taxpayers in the 7th District who currently itemize will be able to file their taxes on a postcard-size form.
· You can find more detailed information about the Tax Cuts and Jobs Act at FairAndSimple.gop.