Tax Reform and You – 2017
One of top priorities in Congress for the remainder of the year is to reform our federal tax code to create a simple and fair system that promotes job growth and allows Pennsylvania families to keep more of their hard-earned paychecks.
Why is this such a priority? Tax reform is viewed by many as the single most important task we can accomplish this Congress to unleash our nation’s economic potential both now and for decades to come.
Each of us has something to gain from tax reform, not the least of which is greater simplicity.
With over 70,000 pages of federal tax laws and regulations on the books, it’s no surprise that 9 out of 10 taxpayers use tax preparation software or hire a professional when filing their taxes. One of the primary goals of tax reform is to reverse this statistic so more taxpayers will be able file their taxes on a simple form without professional help and without frustration.
Another primary objective of tax reform is to ensure middle-income taxpayers are able to keep a greater percentage of the income they earn.
With greater take-home pay, more Americans will be able to keep up with rising daily expenses while making strides toward personal goals such as purchasing a home or saving for retirement.
Further, lowering the tax burden on America’s job creators will give employers added margin to raise wages, hire new employees, accelerate research and development, and compete on a level playing field in the international marketplace.
This will spark the kind of growth we’ve been waiting for – the kind of growth that will increase economic opportunity and improve the quality of life in our communities.
The Tax Cuts and Jobs Act of 2017
While we’ve all been hearing about tax reform for months, the bill’s text was officially released on November 2nd. Click here to review the text and a section-by-section summary of this legislation. As we are now able to review the important details, I am sure many folks – understandably – have questions and concerns about the bill.
At this time, the Tax Cuts and Jobs Act is still working its way through the legislative process. While I continue to spend a lot of time here in the coming days reviewing the specific details, I welcome your input and your questions. Please share your thoughts on tax reform directly here:
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Constituent Surveys on Tax Reform
- October 19, 2017: Tax Reform and You