[[{"fid":"437","view_mode":"full","fields":{"format":"full","field_file_image_alt_text[und][0][value]":false,"field_file_image_title_text[und][0][value]":false},"link_text":null,"type":"media","field_deltas":{"2":{"format":"full","field_file_image_alt_text[und][0][value]":false,"field_file_image_title_text[und][0][value]":false}},"attributes":{"style":"margin: 5px; float: right; height: 263px; width: 500px;","class":"media-element file-full","data-delta":"2"}}]]WASHINGTON, D.C.—Today, House Republicans unveiled their plan to bring relief to the American tax payer with their introduction of comprehensive tax reform. Congressman LaHood released the following statement:
“Our nation has not seen comprehensive tax reform in over 30 years, which has resulted in middle income families having high rates while Washington special interests take advantage of loopholes. That ends today as we put forth our plan to reform our tax code and bring relief to hard-working middle class taxpayers while increasing paychecks. Not only are we doubling the standard deduction, which 69.4% of Illinois taxpayers in the 18th District use, but we also increase the child tax credit and simplify the filing process so that families keep more of their money and spend less of their time on taxes,” stated Rep. Darin LaHood. “House Republicans are united and excited by this opportunity to bring relief to the American people, and I look forward to passing the largest middle-class tax cut in American history out of the House.”
What this means for the American taxpayer:
- Lowers individual tax rates for low- and middle-income Americans to zero, 12%, 25%, and 35%. It maintains 39.6% for high-income earners.
- With this bill, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.
- Protects more of what you earn each year from taxes by roughly doubling the amount of the standard deduction. Nearly 70% of tax filers in the 18th District use the standard deduction.
- Supports the American family by expanding the Child Tax Credit from the current $1,000 to $1,600, nearly a 63% increase and preserving the Child and Dependent Care Tax Credit.
- Protects hard working middle-class taxpayers by preserving the home mortgage interest deduction for current existing mortgages and maintains the home mortgage deduction for newly purchased homes up to $500,000.
- Streamlines higher education benefits to help families save for and better afford college tuition and other education expenses.
- Protects popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future.
- Provides immediate relief to family farmers throughout the 18th District by fully repealing the Death Tax with a six-year phase-out. For our family-owned farms and businesses all across the 18th District, they will no longer have to worry about double or triple taxation from Washington when they pass down their life’s work to the next generation.
- Maintains the ability of middle class families to deduct the cost of state & local property taxes up to $10,000
- To read the bill introduced, click here.
