‘Paychecks are climbing. Tax rates are going down. Businesses are investing in our great country. And most important, Americans are winning’
Tuesday is a day hardworking Americans may dread more than any other. Tax Day. A day that individuals and families, small business owners and part-time workers struggle to conquer a burdensome, complex and extremely unfair tax code to determine how much money they owe the government.
But we are changing Tax Day for Americans across the country.
This is the last year Americans will fill out outdated, complicated tax forms. In the years ahead, because I signed one of the largest tax cuts in history and the most sweeping tax reform in a generation, many Americans will complete their taxes on a simple, single sheet of paper. Remarkably, Congress had to pass this critical legislation without a single Democrat’s vote.
A typical family of four earning $73,000 a year can expect to see an income tax cut of more than $2,000 when they file their tax return in 2019 — slashing their income tax bill in half. The standard deduction has been nearly doubled, so now twice as much income is earned tax-free.
The tax law also doubled the child tax credit and lowers rates across the board for hardworking families.