[NFBMT] Press Release

[Bruce&Joy Breslauer]

Gianforte: "Tax Reform Provides Hard-Working Montanans With Needed Tax
Relief"


November 2, 2017 

Press Release 

Bill Provides Tax Cut of $1,182 to Typical Family of Four

Washington, D.C. - Today, the Committee on Ways and Means released
legislation to overhaul the nation's tax code for the first time in 31 years.
The Tax Cuts and Jobs Act lets hard-working Montanans keep more of what they
earn. Under the measure, a typical middle-income family of four receives a
tax cut of $1,182.

The legislation lowers individual rates for low- and middle-income Americans,
helps families with the expenses of raising their children, and makes it
easier to file taxes. The measure reduces rates for businesses of all sizes
and encourages business investment, which grows the economy, jobs, and wages.

Montana Congressman Greg Gianforte welcomed the Tax Cuts and Jobs Act.

"Tax reform provides hard-working Montanans with needed tax relief. The plan
reduces rates for low- and middle-income Montanans, allowing them to keep
more of what they earn. A typical family of four, earning $59,000, will
receive a $1,182 tax cut." Gianforte said.

"This tax reform legislation promotes economic growth, creates more Montana
jobs, increases Montanans' paychecks, and creates a fairer, simpler system,"
Gianforte stated.

"Montana families will see relief with lower rates, the doubling of the
standard deduction, and the expansion of the child tax credit," Gianforte
said. "The legislation preserves the home mortgage interest deduction,
continues the deduction for charitable contributions, retains popular
retirement savings options, and continues to allow people to write off the
cost of state and local property taxes."

"Importantly, the bill also benefits Montana's family farmers, ranchers, and
business owners by immediately reducing and ultimately repealing the death
tax," Gianforte added.

"The legislation makes the U.S. competitive with other countries again. This
tax reform bill brings back jobs to the U.S.," Gianforte said, "and it
encourages business investment which will jump start our economy."

The Tax Cuts and Jobs Act is a pro-growth plan to overhaul our nation's tax
code for the first time since 1986. The legislation ensures hard-working
Montanans will can keep more of what they earn, encourages Montana businesses
to invest and hire more workers, and leads to greater economic growth.

The bill lowers tax rates to zero, 12 percent, 25 percent, and 35 percent,
while maintaining the current rate for high-income Americans. The standard
deduction nearly doubles to $24,000 for couples and $12,000 for individuals.
The legislation establishes a new family credit, which includes expanding the
child tax credit.

The bill limits the maximum tax rate for small business income to 25 percent
- the lowest rate on small businesses since World War II. The measure lowers
the corporate tax rate to 20 percent - down from 35 percent, among the
highest in the industrialized world. The legislation encourages business
investment by allowing businesses to immediately write off the full cost of
new equipment.

Finally, the bill reduces and ultimately repeals the death tax, which will
benefit family farmers, ranchers, and small businesses in Montana.

The Ways and Means Committee is expected to take up the bill on Monday,
November 6.

More information about the Tax Cuts and Jobs Act may be found on the Ways and
Means Committee's website
<https://waysandmeans.house.gov/chairman-brady-introduces-tax-cuts-jobs-act/>
and at fairandsimple.gop <https://fairandsimple.gop/> .

 

Joy Breslauer, President

National Federation of the Blind of Montana 

Web Site: http://www.nfbofmt.org <http://www.nfbofmt.org/> 

 

Live the life you want

 

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