More money in taxpayers pockets
Published 7:00 am Tuesday, December 26, 2017
By Steven Palazzo
As your Congressman and one of the few CPAs in Congress, I’m proud to announce that this week, the American people are getting a well-deserved Christmas present. Republicans, led by President Donald J. Trump, passed the first overhaul of the U.S. Tax system in over 30 years. The reforms that will soon be signed into law will result in thousands of dollars back in the pockets of hundreds of millions of American taxpayers. Finally, YOU are going to control more of YOUR money.
In the last few days, the question I’ve heard asked the most is: “What does this mean for me and my family?” Well under this bill we have doubled the standard deduction and we have doubled the child tax credit, we have expanded the medical expense deduction, we have preserved the mortgage interest deductions, and you can still write off the cost of your state and local taxes. All of these things mean Mississippians keep more of their hard earned money and send less to federal bureaucrats in Washington, DC. The average household in south Mississippi with two kids makes roughly $59,000 a year—this family on average will see a $1,700 cut in their taxes. . Finally, a registered nurse and single mother of two gets the break she’s been waiting for with a $2,000 tax cut—roughly half of what she’s paying now A Gulf Coast police officer and an elementary school teacher filing jointly with two children will see a $2,344 cut in their tax return. In South Mississippi, where more than 12,000 shipbuilders go to work every day, our shipbuilders filing jointly will also see, on average, about $2,300 more in their pockets as a result of this bill.
We have also unleashed the power of the United States economy, where lowering tax rates for businesses makes us more competitive on a global scale and removes the temptation for companies to move their operations and jobs, overseas. Since passage of this bill we have already seen more than a dozen companies come forward to share plans for employee bonuses, greater investment in American operations, and increases in wages for their workers. The stock markets are at all-time highs, and I see nothing but positive growth ahead. Wages are going up, and new jobs are coming to American communities. If you need more proof, one of our local restaurant owners, Kevin Fish of Half Shell Oyster House, just announced that he planned to use the lower business rates to reinvest money and open new restaurants. This means more delicious chargrilled oysters and jobs right here in our community!
The tax reform package does more than just decrease taxes and simplify the tax code. The tax reform package repeals the central premise of Obamacare, the individual mandate, something I’ve been publicly opposed since I arrived in Congress. This means the federal government can no longer punish you through an unconstitutional tax for a failure to purchase healthcare that you may not want or need.
From the onset, our goals were simple: lower taxes, higher wages, and more jobs. This bill accomplishes these goals. The American People are finally being rewarded for their hard work.
This week, as I stood on the White House Steps, side by side with our President, Vice President, and my republican colleagues, I couldn’t have been prouder to have delivered on a promise to the American People and the South Mississippi families I am honored to represent.