The President's new bill is called the Tax cuts and Jobs Act. The new Tax Reform Bill will create an overhaul of 1.4 Trillion dollars.The vote 51-49 will create massive tax cuts for families and businesses alike.Mitch McConnell gets a big praise from the president along with Sen Orren Hatch.
The President "A vote to cut taxes is a vote to put America first. It's time to take care of our workers, to protect our communities, and to rebuild our great country" President Donald
Trump
Nancy Pelosi, D-Calif responded calling the legislation a "betrayal of the American Middle class" Guess you don't get it Nancy and never will. Giving the middle class tax cuts opens the doors of Corporations and Businesses alike to build their business's and hire new people.
Families also getting a break by nearly doubling the standard deduction to 12,000 for individuals (up from 6,350) and 24,000 for couples (up from 12,700)
Corporate tax rate will be cut 35% to 21%. Please Nancy, don't pretend you have never passed a tax you didn't like!The bill keeps the seven brackets which starts at 10%, and rises to 12%,22%.24%, 32%. 35% and 37% who exceed the 500,000 income. Lowering the the rate from 39.6%.
And good for Illinois, if you own a home here you can claim your 4,264 per year Mortgage Reduction
For families, taxpayers claim 2,000 for each child under 17.
This tax bill is a welcome, and a long a waited relief for the families and companies of our country. Now longer will we be putting a heavy weight on those who are trying to build our country and supply jobs.
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