By Chris Collins
This was a historic week for the American people as Republicans in Congress and President Trump reformed our nation’s tax code for the first time in 30 years. Working together, we have delivered the Tax Cuts and Jobs Act that will provide more jobs, lower taxes, and bigger paychecks for Americans from all walks of life.
A complex, outdated tax code stifled American competitiveness, kept economic growth at a crawl and took too much from the paychecks of hard-working families.
The Tax Cuts and Jobs Act lowers tax rates, doubles the standard deduction and enhances the tax credits for children and dependent adults giving you more money to spend on the things that matter to you and your family.
Our legislation also unleashes the competitive spirit of America’s businesses, both big and small, allowing them to thrive here at home and bring back jobs and profits currently stuck overseas.
The business community is already responding. On the same day our reform bill passed, companies like AT&T and Boeing announced new bonuses for employees, new investments and charitable contribution increases.
Additionally, small business owners, which are so vital here in Western New York, will see the lowest tax rate since World War II, allowing them to grow and hire.
The liberal left prematurely attacked the Tax Cuts and Jobs Act before it was even written. Gov. Andrew Cuomo and his left-wing allies perpetuated lies to the biased media, and now are even advocating for a government shutdown because they didn’t get their way.
How hypocritical can Andrew Cuomo be as a defender of the rich, while he clobbers them with his so-called millionaires state income tax?
Tax reform was never about people with million-dollar homes and incomes. The reality is, wealthy individuals may have to pay a little bit more under this new tax code.
The working families of Western New York will know the truth when they see an increase in their February paychecks. Families with children or dependent adults can expect more savings. The child tax credit doubles to $2,000 and includes a $500 credit for dependent adults.
Only 30 percent of my constituents currently itemize their taxes, and most of these families have deductions lower than the new standard deduction. This is why itemizing deductions will be a moot point for folks in our area.
For those few who still itemize, they can deduct state and local taxes up to $10,000, mortgage interest, charitable contributions, expensive medical bills, student loan interest and school teacher supplies.
Because Republicans have reformed our complicated and outdated tax code, our children and grandchildren will be able to participate in a growing economy. I am so confident that this historic legislation will save families money, I stake my re-election on it.
Western New York families deserve to keep more of what they earn. Future generations deserve to be left with a growing economy. This type of reform is what will Make America Great Again.
Chris Collins, R-Clarence, represents New York’s 27th District.