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Jaime Herrera Beutler Supports Tax Cuts for Middle-Income Southwest Washington Families; Boost to Economy, Paychecks, JobsJaime supports tax cut bill that will allow residents across all of Southwest Washington to keep more money, lead to bigger paychecks and additional jobs
Today, U.S. Representative Jaime Herrera Beutler supported the final tax cut bill expected to be signed into law this week that will allow Southwest Washington residents to keep more of their money and earn bigger paychecks.
Today, U.S. Representative Jaime Herrera Beutler supported the final tax cut bill expected to be signed into law this week that will allow Southwest Washington residents to keep more of their money and earn bigger paychecks. The Tax Cuts and Jobs Act approved by the U.S. House today represents a compromise between the U.S. House- and Senate-passed tax cut bills. The U.S. Senate is expected to pass the bill this evening and send it to the President’s desk. “Once this tax cut bill is signed into law, the average Southwest Washington family of four will keep $2,385 more of what they earn,” said Jaime. “The bill we passed today improves on the earlier version I voted for in several measurable ways for folks in all phases of life – from those preparing to begin their careers, to those in retirement. It protects virtually every middle-class homeowner by raising the mortgage interest deduction to $750,000, it expands vital relief for those families with high medical expenses, it doubles the child tax credit, and reinstates protection for all state and local taxes up to $10,000. I’m pleased that graduate students preparing to enter the workforce will have reduced tuition exempted from taxes – another improvement from our earlier bill. For those planning for retirement, popular savings accounts such as IRA’s and 401(k)s are preserved, and relief from the death tax that inhibits passing small family businesses and farms to the next generation is doubled. For the 75 percent of Southwest Washington taxpayers who use standard deduction, they will now see nearly double the amount of their money protected from taxes, and even more taxpayers will now be able to take advantage of the standard deduction. “Importantly, this bill will boost the economy in a manner that will provide tangible benefits to hardworking folks from Bucoda to Vancouver, from bigger paychecks to more job opportunities. We read about the ‘recovery’ from the great recession that may be benefitting Wall Street, but hasn’t boosted workers’ take-home pay or helped enough of the families continuing to live paycheck to paycheck. The critics of this tax cut plan seem to concede that our present ‘recovery’ is good enough, but I don’t accept that. Today I am taking action to jumpstart the real economic recovery that will help residents of Southwest Washington earn more money and live a more economically secure life.” Wins for Southwest Washington:
Charge vs. Fact in the Tax Cuts and Jobs Act: Charge 1: “This bill will cut Medicare, Social Security and Medicaid.” FACT: The Tax Cuts and Jobs Act doesn’t touch Medicare, Social Security or Medicaid. Social Security and Medicare are trust funds that people spend their working lives paying into so that they have these vital lifelines when they retire. Many critics of the tax cuts bill insist that congressional leadership will cut Social Security and Medicare as a result of the tax cut bill, but on December 1, House Speaker Ryan and Senate Leader McConnell issued a formal statement pledging to protect these trust funds. Jaime has pledged and voted to protect and strengthen Medicare, Social Security and Medicaid – and reaffirms that pledge with the passage of this tax cut bill.
FACT: The independent Tax Foundation estimates we’ll see a 1.7% GDP increase over the long term, a 1.5% increase in wages, and an additional $1 trillion in federal revenues from economic growth as a result of the Tax Cuts and Jobs Act. Additionally, this bill eliminates billions of dollars in special interest loopholes and tax breaks that have only benefited a narrow segment of wealthy individuals, or that have stifled economic growth. By eliminating these breaks, by incentivizing small and large employers to invest more in their operations, and by lowering the overall tax burden on these employers, private sector businesses will grow and increase revenue, paychecks will grow, and more people will be employed – contributing the necessary revenue to fund these tax cuts. This method of calculating what a bill will cost and how it’s paid for – accounting for a larger, more robust economy -- is referred to as “dynamic scoring,” which the non-partisan Joint Committee on Taxation has utilized since 2003.
FACT: All taxpayers will receive a tax cut and see more money added to their paychecks as a result of these tax cuts. The false attack about this bill harming the middle-class was being spread before the Tax Cuts and Jobs Act was even released. In its “Four Pinocchio” rebuke (out of four possible Pinocchio’s – rated a “Whopper”) of the claim that most middle class families would have their taxes increased, the Washington Post fact-checker wrote: Charge 4: “This is simply a giveaway to big corporations at the expense of Main Street businesses.” FACT: Main Street businesses stand to gain substantially from Tax Cuts and Jobs Act in Southwest Washington. This bill will deliver a first-ever 20% tax deduction that applies to the first $315,000 of joint income earned by all businesses organized as S corporations, partnerships, LLCs, and sole proprietorships.
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