Latta Statement on April 17, Tax Day
Congressman Bob Latta (R-Bowling Green) released the following statement regarding this year’s Tax Day, April 17.
“April 17 will be the last day that nearly all Americans will have to think about that old, outdated tax code that punished U.S. businesses, confused countless families, and forced Americans to buy a product they didn’t want. After today, the full focus is on the Tax Cuts and Jobs Act, which simplifies the tax code and lets taxpayers keep more of their own hard-earned money. With a tax deduction that is nearly doubled, 90% of Americans won’t need to itemize and will see more of their income protected. The new law also lowers rates across the board, so families will be paying less on the money that is taxed. Families with children will see their child tax credit doubled.
“That’s good news for individual taxpayers, but what about small businesses? They will be able to deduct 20% of their income which is money that they can reinvest in their workforce or use to expand operations. The Tax Cuts and Jobs Act has also put U.S. businesses on equal ground with their foreign competitors — resulting in a flood of repatriated money and jobs coming back home.
“Since it’s signing, we’ve seen economic indicators hit levels they haven’t seen in a years. Unemployment claims are the lowest they’ve been since 1973. Manufacturing and small business confidence are the highest they’ve been in decades. Every day, new companies are announcing expansions of employee benefits, plans for business growth, and energy savings for customers because of this new tax code.
“There is still room to fix the tax system, including reforming an unaccountable IRS. This week, the House is voting on a number of bills to bring change to the agency and protect taxpayers from overzealous agents and audits.
“While many Americans have slogged through the storm that is this year’s tax season, know that sunny days are ahead. Thanks to the biggest overhaul in a generation, we now have a tax code that rewards innovation and growth and sets the table for a dynamic American economy.”