Bill lowers taxes across the board, eliminates costly special interest tax breaks and modernizes the international tax system. Will create more jobs, increase paychecks, and make the tax code simpler and fairer
First overhaul of tax code in 31 years
Washington, D.C. – U.S. Senator Jim Risch (R-ID) issued the following statement after Congress passed a historic tax reform package that will lower taxes for all Americans:
“Once the President signs our tax reform legislation into law, taxes will be reduced for all Americans in every income bracket, except for the lower-income earners who will continue to pay zero percent. This historic reform will stimulate business activity for large and small enterprises, which will reduce the deficit and debt long-term. I was proud to support this once-in-a-generation reform that will benefit all Idahoans.”
Tax Cuts And Jobs Act Highlights
(Courtesy of the Senate Finance Committee)
- Effectively repeals Obamacare’s individual mandate tax to help provide additional relief to low- and middle-income families.
- Doubles the child tax credit from the current $1,000 to $2,000 – allowing more parents to claim the credit. Additionally, it increases the child tax credit’s refundability to 70 percent.
- Nearly doubles the standard deduction.
A typical family of four will get a $2,059 tax cut.
- It helps Americans with expensive medical bills by expanding the medical expense deduction for medical expenses exceeding 7.5 percent of adjusted gross income for two years, and 10 percent of income starting in 2019.
- The plan also improves Americans’ ability to save for education by allowing families to use 529 accounts to save for elementary, secondary and higher education. It also supports graduate students by continuing to exempt the value of reduced tuition from taxes.