The Tax Cuts and Jobs Act is focused on improving the lives of all Americans – especially the middle-class – by delivering more jobs, fairer taxes, and bigger paychecks. Here’s how the Tax Cuts and Jobs Act will help middle-class Americans and their families throughout their lives:
Starting a Career.
- Unleashing job creation: The lowest tax rates in modern history for American businesses of all sizes will help them grow our economy and create more job opportunities for hard working Americans throughout the nation.
- Zero, 12%, 25%, 35%, and 39.6%: A simpler, fairer tax code with five tax brackets instead of seven will better reward Americans’ hard work and allow them to keep more of their paychecks. And this simpler, fairer, and flatter tax code will be especially helpful for low- and middle-income Americans.
- Doubling the standard deduction: Protects more of every paycheck from taxes and helps make the tax code so straightforward that 9 out of 10 Americans will be able to file on a form as simple as a postcard.
Buying a Home
- Protecting the mortgage interest deduction: Ensures that middle-class Americans will preserve access to tax relief to help them achieve the American dream of home ownership.
Raising a Family
- If we don’t have your direct deposit information from your 2018 or 2019 return – and we haven’t yet sent your payment – use the Get My Payment application to let us know where to send your direct deposit.
- Maintaining higher education tax benefits: Helps families save for and better afford tuition and education expenses.
- 25%: Main Street job creators will no longer be taxed at individual rates as high as 40%. Instead, small businesses will be taxed at no more than 25%, allowing Americans to keep more of their money to grow a new start-up, support their families, and create jobs
Starting a New Business
- 25%: Main Street job creators will no longer be taxed at individual rates as high as 40%. Instead, small businesses will be taxed at no more than 25%, allowing Americans to keep more of their money to grow a new start-up, support their families, and create jobs.
Giving Back
- Preserving a tax benefit for charitable contributions: Encourages and rewards Americans who give back to their local church, charity, or community organization.
Preparing for Retirement
- Rewarding saving and investment: Provides tax relief to help more families plan, save, and invest for a more comfortable and secure retirement.
For Your Children and Grandchildren
- Repealing the Death Tax: Americans will no longer face double – or even triple – taxation on family assets or family-owned business when they pass down their life’s work to the next generation.
Source: https://waysandmeans.house.gov
/wpcontent/uploads/
2017/10/WM_TCJA_
PolicyOnePagers.pdf
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