The House of Representatives passed historic tax reform today and it’s a #GoodDealforWomen!
Passage of the Tax Cuts and Jobs Act, the final tax bill, brings Congress one step closer to delivering much-needed tax relief to Americans. The bill promises to:
- make U.S. businesses more competitive;
- cut taxes for individuals, small businesses, and corporations;
- preserve important tax benefits for families to adopt, save for college and educational expenses, give to charity, and save for retirement;
- eliminate the tax penalty of the unpopular individual healthcare mandate from the Affordable Care Act.
Our sister organization, the Indepdenent Women's Forum, released the following statement about the House's passage of the bill:
“Every American household can expect a tax cut in 2019 with the biggest tax reductions going to middle-class families. American businesses will become more competitive as they reinvest more of their earnings in their work and their people, through higher wages and more job opportunities. Low-income Americans can finally be free from the costly tax penalty from the unpopular individual mandate in the Affordable Care Act.”
Tax reform is important for women, workers, families, and businesses. We'll enjoy bigger paychecks, the ability to control more of our resources, better-paying jobs and rising wages, spending less time and money complying with the tax code, and greater econominc growth.
Want to learn more about what's in the tax bill? Read about the key takeaways here.
The Tax Cuts and Jobs Act moves to the U.S. Senate for debate and a vote tonight. We hope that Congress will finish the job and deliver historic tax reform for President Trump's signature by Christmas.