Davis speaks at Americans for Tax Reform press conference. |
U.S. Rep. Rodney Davis (R-Ill.) spoke at the Americans for Tax Reform Tax Day Eve Press Conference last week to highlight how his constituents are already benefiting from the first tax reform in 31 years, what they will see next year when they file their taxes, and his bill to make these tax cuts for individuals permanent.
“Millions of hardworking middle class Americans who have been left behind by Washington for far too long are seeing more of their paychecks today because of employer investments and Washington taking less of their hard earned money. As was said before, tax day next year, Americans are still going to continue to save.
“The average family of four making the median income of roughly $78,000 in my district, will see a tax cut of roughly $1,691.
“It was unfortunate we couldn't get just eight or so Democrat senators to help pass the House bill, which made the individual rates permanent… we need to make these provisions permanent, and frankly we shouldn't wait. I've introduced H.R.4886, the Permanent Tax Cuts for Americans Act, which makes the individual rates per minute for the life of this entire new tax reform bill.
“…we need to make these tax cuts permanent for hardworking families… We need to make sure that their paychecks and their opportunities to grow their careers continue to move forward."
The Tax Cuts and Jobs Act, which was signed into law in December, was the first major update of the tax code in 31 years.
In the 13th District, a family of four making the median income of $78,509 will see a tax cut of $1,691 and a median income household making $49,758 for a single filer will see a tax cut of $1,224. Here is how tax reform directly benefits middle-income Americans:
- Lower rates ensure individuals at every income level will see a tax cut.
- Doubles the standard deduction to $12,000/$24,000, which nearly one in four people in Illinois currently takes.
- Doubles the Child Tax Credit to $2,000 with up to $1,400 refundable.
- Retains popular deductions like mortgage interest (capped at $750,000 for new homes), state and local taxes (SALT) (capped at $10,000), medical expenses (expands to 10%), and charitable deductions.
- Simplifies so nearly 90% of Americans will be able to file their taxes on a postcard.
Since the bill has been signed, more than 4 million workers have seen higher wages, bonuses, paid sick and family leave, and other investements. For a list of companies who have announced benefits to employees because of tax reform, click here.
Davis has introduced a bill, H.R. 4886, the Permanent Tax Cuts for Americans Act, which will deliver permanent tax relief for individuals.
