Putting More Money in Your Pocket
Tax Day came and went again earlier this week, but, this year, many Americans actually did have something to celebrate. This year, thanks to the Tax Cuts and Jobs Act, the federal government kept less of your money and you were able to keep more.
More money in the pockets of hard-working North Missourians is a great thing for our country’s economy. That’s why we implemented the most comprehensive tax reform in 30 years. Undoubtedly, it was time to make some changes to ease the tax burden on middle-class families.
We cut taxes because we believe that working Americans should keep more of their hard-earned money. Taxes were cut across the board—with a large majority of Americans receiving a tax cut.
We doubled the standard deduction and the child tax credit, as well as who qualified for it, increasing take-home pay for many families. Not only that, but tax reform made things simpler. On average, taxes went down 25% this year according to a report from H&R Block.
Some folks have expressed disappointment that they didn’t receive a larger refund from the IRS. The reality is that most large refunds are the result of the government withholding too much of your hard-earned paycheck. Essentially, many taxpayers are giving the federal government interest-free loans. It’s your money, you should get it when you earn it. The federal government shouldn’t keep it interest-free until the end of tax season.
Initially, opponents of tax reform claimed this meant most Americans didn’t receive a tax cut under the new law. This was a lie, unfortunately one that many Americans continue to believe. However, the New York Times finally admitted what I’ve been saying all along—most Americans got a tax cut.
The results stand for themselves. The economy is booming with wages on the rise, unemployment at record lows and an incredibly strong job market—all thanks to employers utilizing the pro-growth tax cuts to hand out bonuses, expand operations and hire more employees.
Simply put, the Tax Cuts and Jobs Act is living up to its name. It cut taxes for a large majority of Americans and we saw millions of new jobs created — putting our economy back on track and making the American Dream a reality once more. I believe it’s always a good thing when working Americans take home more of their hard-earned paychecks. There's no doubt that you know how to spend your money better than politicians and bureaucrats in Washington, D.C.