At the start of this Congress, small business optimism was low. Employers and workers needed relief from burdensome regulations in order to grow their business. Last year, we passed the Tax Cuts and Jobs Act, which slashed taxes for Main Street and allowed it to breathe again. Congress passed the first real, meaningful tax reform in 31 years. This was a pivotal moment in the economic history of our country.
Because of this landmark legislation, Texans and American families have seen an increase in their take-home pay. American companies are becoming more competitive in the world market, and thousands of jobs and billions of dollars are returning to the United States. This is in addition to:
- 20 percent small business tax deduction
- Immediate business equipment expensing
- Small business optimism is reaching record highs
Additionally, tax breaks for hurricane victims are preserved in the Tax Cuts and Jobs Act. The personal casualty loss will now be easier to deduct, charitable giving will be encouraged and, if needed, penalty-free access to retirement funds will be available to help us through a future emergency.
What Tax Reform Means for Texas:
- Lower Taxes
- Bigger Paychecks
- Texans Affected by Hurricane Harvey Supported
- Tax Code Simplified
- Retirement Savings Protected
- Adoption Tax Credit Preserved
More than two million Americans have received bonuses and 90 percent of Americans are seeing more money in their take-home pay.
Results for Houston Based Businesses:
Results for Oil & Gas:
All Houstonians know the importance of the oil and gas industry to our city and to the country. And, in Texas, we know that LOW TAXES, smart and limited regulations, and robust American energy production are the key to economic growth.
That's why the Independent Petroleum Association of America (IPAA) sent the letter below. Click here or on the image below to read it.
Myth vs Fact: Tax Reform and the Deficit
Setting the Record Straight on the Tax Cuts & Jobs Act
MYTH: The plan is expensive and adds to the deficit.
- FACT: You cannot fix our nation's fiscal problems without a growing economy, and tax reform is exactly the tool that can do that. When you factor in the wage increases, jobs created, and overall economic growth that will result from the most historic tax reform in 31 years, the government will have the revenues it needs to run efficiently and effectively.
Myth vs. Fact: Corporate Taxes
MYTH: The Tax Cuts and Jobs Act is a tax cut for corporations, not families.
- FACT: Our current tax code is shipping jobs overseas. It is literally incentivizing companies to move to other countries, taking good-paying jobs and tax revenue with them. Getting tax rates down helps us keep those jobs where they belong—right here in America. It also helps raise wages and results in faster economic growth. Bigger paychecks and a level playing field; that's a winning combination for American workers.
Myth vs. Fact: A Tax Cut for the Middle-Income Families
MYTH: This is just a tax cut for the rich.
- FACT: This is a tax cut for all Americans. The current tax system is rigged to disproportionately benefit the wealthy instead of middle-income families. It works best for those who know how to take advantage of all the loopholes in our outdated tax code. The Tax Cuts and Jobs Act cuts taxes for the average taxpayer in every income group. In fact, the typical American household will receive a tax cut of $2,059. For families who are living paycheck to paycheck, keeping that money in their pocket is simply the right thing to do.
Myth vs. Fact: Homeowner Deductions
MYTH: This plan gets rid of deductions for homeowners.
- FACT: For current mortgage borrowers, absolutely nothing is changing with your mortgage-interest deduction. For new home mortgages, on a first or second mortgage interest deduction will be available up to $750,000.
Myth vs. Fact: the $2,059 Tax Cut
MYTH: The $2,059 for the typical American household isn't very much.
- FACT: Millions of Americans are living paycheck to paycheck. Almost half the country says they would not be able to pay an unexpected bill of $400 or more. When faced with that reality, a tax cut of or $2,059 for a family of 4 (making $73,000) can go a long way towards providing peace of mind and financial stability.