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| The Huizenga Huddle: Dec. 28, 2017 |
Historic Tax Reform Enacted
Last week, Congress delivered on an important promise with a once in a generation vote to enact tax reform. The Tax Cuts and Jobs Act overhauls our tax code for the first time in three decades by cutting taxes for hardworking taxpayers, small businesses and West Michigan companies.
This legislation delivers tax relief for West Michigan by lowering rates, nearly doubling the standard deduction to $12,000 for individuals and $24,000 for families, and doubling the Child Tax Credit from $1,000 to $2,000. Additionally, the Child Tax Credit will also be refundable up to $1,400 for low income families with little to no tax liability.
Another way the Tax Cuts and Jobs Act will provide relief for middle class taxpayers is by cutting taxes for job creators of all sizes in West Michigan. Over the last two decades, small businesses have been the engine of economic growth. That is why the Tax Cuts and Jobs Act provides small businesses a significant tax cut that will allow these local entrepreneurs, whether it is the pizza or small manufacturing shop, to invest, create new jobs and grow right here in West Michigan.
Unfortunately, when high profile legislation such as tax reform is debated, the rhetoric surrounding the issue often diverges from reality. Recently the left-leaning Tax Policy Center, who has been critical of the Tax Cuts and Jobs Act, found in their analysis that the share of federal taxes paid by the 1 percent will rise, while the bottom 80 percent of taxpayers will see greater tax relief. The argument that this tax cut is ‘for the rich’ is false. This is a tax cut for hardworking, middle class families and job creators across West Michigan.
Those who claim that letting West Michigan residents keep more of their hard-earned money adds to the debt are misguided at best. Our debt isn’t caused by a lack of revenue, its Washington’s addiction to spending. This problem isn’t easy to tackle, but it is why I have supported legislation to reduce our spending by $6.5 trillion over the short, medium, and long term. Big spenders in Washington don’t understand. This isn’t their money in the first place, it’s yours.
To read my entire piece that ran in the Holland Sentinel click here.
Shortly after the House passed these important tax cuts for middle class families and West Michigan job creators, I held a Facebook Town Hall where I answered questions from constituents who contacted me through email as well as some commenting during the discussion. To watch the Town Hall, click the image above.
The Tax Cuts and Jobs Act will deliver real tax relief for low and middle income families living paycheck to paycheck. Under this legislation, the typical family of four, making the median income of $73,000, will receive a tax cut of $2,059.
Additionally this tax reform bill will strengthen our economy by cutting taxes on West Michigan small businesses and corporations so job creators of all sizes can grow and expand here in Michigan. For too long, we have seen our economy underperform because of a complex and uncompetitive tax code. The Tax Cuts and Jobs Act drastically improves the ability of American businesses to compete against foreign companies, create jobs, and grow our economy.
For more information on this historic tax reform legislation, visit FairandSimple.GOP.
Happy Holidays
I hope you shared a Christmas filled with joy with your friends, family, and loved ones. As we welcome 2018, my family and I wish you a safe and happy New Year!
The Michigan Minute
- Huizenga Video: Defending the status quo tax structure isn't acceptable
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