Herrera Beutler on support for tax cuts bill

 

January 3, 2018



On Dec. 19, U.S. Representative Jaime Herrera Beutler supported the final tax cut bill that made it into law. According to her office, the bill will allow Southwest Washington residents to keep more of their money and earn bigger paychecks.

The Tax Cuts and Jobs Act approved by the U.S. House represents a compromise between the U.S. House- and Senate-passed tax cut bills. “Once this tax cut bill is signed into law, the average Southwest Washington family of four will keep $2,385 more of what they earn,” said Herrera Beutler.

“The bill we passed today improves on the earlier version I voted for in several measurable ways for folks in all phases of life—from those preparing to begin their careers, to those in retirement,” Herrera Beutler added. “It protects virtually every middle-class homeowner by raising the mortgage interest deduction to $750,000, it expands vital relief for those families with high medical expenses, it doubles the child tax credit, and reinstates protection for all state and local taxes up to $10,000. I’m pleased that graduate students preparing to enter the workforce will have reduced tuition exempted from taxes – another improvement from our earlier bill. For those planning for retirement, popular savings accounts such as IRA’s and 401(k)s are preserved, and relief from the death tax that inhibits passing small family businesses and farms to the next generation is doubled. For the 75 percent of Southwest Washington taxpayers who use standard deduction, they will now see nearly double the amount of their money protected from taxes, and even more taxpayers will now be able to take advantage of the standard deduction.


Herrera Beutler outlined the following points she states are positive factors in the bill:

• More money in the pocket: Significantly increases the standard deduction so more of what you earn—$12,000 for individuals and $24,000 for married couples—is tax free.

• Savings: An average family of four in Southwest Washington making the median salary of $83,874 (according to IRS data), will save $2,385 (according to calculations by Ways & Means Committee)

 

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