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Tax Reform

At a time in which American families and small businesses are struggling, the last thing they need is to be burdened with higher taxes. While serving as County Prosecutor, I worked to save and protect taxpayer dollars by ensuring education spending was invested in the students, not spent on outside legal services.  I plan on continuing my history of protecting Ohio taxpayers by using my position on the Appropriations Committee to ensure that American tax dollars are being used in an efficient and responsible way. I will support a tax reform plan that eases the burden of taxes on small businesses and families, and lets Ohioans keep more of their own hard-earned money. 

 

Tax Cuts and Jobs Act

Congress has announced the Tax Cuts and Jobs Act, which will make our tax code simpler and fairer for Americans. This bill focuses on what Americans really want and need - reducing the number of tax brackets, doubling the standard deduction, and making American businesses more competitive in a global economy.

  • The average middle-income American family of 4 earning $59,000 (the median household income) will receive a $1,182 tax cut. 
  • The Corporate Tax rate will decrease from 35% to 20% - the largest reduction in our Nation’s history
  • Reduces the individual tax brackets from 7 to 5 – Zero, 12%, 25%, and 35% - while maintaining the 39.6% for the highest earning Americans
  • Main Street job creators will no longer pay more than 25% - the lowest tax rate on small business income since World War II
  • Continues the charitable giving deduction – encouraging individuals to continue to donate to church, charity, or community organizations
  • Preserves the home mortgage interest deduction for existing mortgages and up to $500,000 for newly purchased homes
  • Supports American families by increasing the Child Tax Credit from $1,000 to $1,600 and keeps the Child and Dependent Care Tax Credit – helping families with every day costs to care for their child and older dependents

I look forward to hearing from each of you on your feedback regarding this bill. My staff is always ready to help answer any questions. I hope you too will join me in reading the full bill before making final decisions.

CLICK HERE to read the full legislative text of the Tax Cuts and Jobs Act.

CLICK HERE to read the section-by-section summary of the Tax Cuts and Jobs Act.

CLICK HERE to read the policy highlights in the Tax Cuts and Jobs Act.

CLICK HERE to read examples of how the Tax Cuts and Jobs Act will help Americans of all walks of life.

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    repName John Smith  
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    1234 S. Courthouse
    Haverhill, CA 35602
     
    district 21st District of California  
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