You’ll Never Have to Use the Old, Outdated Tax Code Again
Tax Day 2018 is the Last Time Americans Will File Under Old Tax Code
Congressman David B. McKinley, P.E., (WV-1) issued the following statement on Tax Day 2018, which is the last time Americans will have to file their taxes under the outdated and cumbersome tax code. Because Congress passed the Tax Cuts and Jobs Act, Americans will find the process fairer and simpler when they file next year’s taxes.Congressman David B. McKinley, P.E., (WV-1) issued the following statement on Tax Day 2018, which is the last time Americans will have to file their taxes under the outdated and cumbersome tax code. Because Congress passed the Tax Cuts and Jobs Act, Americans will find the process fairer and simpler when they file next year’s taxes.
“This is the last day that West Virginia families will have to use the old and broken tax code when they file their taxes. Next year, when Americans go to file their taxes they will find their rates were reduced, their standard deduction was nearly doubled, and their child tax credit was doubled. This will enable them to keep more of their hard-earned money. This was the first time in a generation that we reformed our tax code, and it has made the system fairer and simpler for middle-class families,” said McKinley.
The Tax Cuts and Jobs Act delivered on the promises made by Congressional Republicans and President Trump to lower middle-class tax rates and open the door for more private sector job creation. Most Americans have already started to see the benefits in increased paychecks. When Americans file their taxes next year, they will see the full benefits.
The Tax Cuts and Jobs Act:
• Lowered individual tax rates for low- and middle-income Americans to Zero, 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
• Doubled the standard deduction from $6,500 to $12,000 for individuals and $13,000 to $24,000 for married couples.
• Expanded the Child Tax Credit from $1,000 to $2,000 to help parents with the cost of raising children.
• Preserved the home mortgage interest deduction for existing mortgages and maintains the credit for newly purchased homes up to $750,000.
• Retained popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future.
• Eliminated Obamacare’s individual mandate, providing families with much-needed relief and the flexibility to buy the health care that’s right for them.
• Provided relief for Americans with expensive medical bills by expanding the medical expense deduction for 2017 and 2018 for medical expenses exceeding 7.5% of adjusted gross income, and rising to 10% beginning in 2019.
• Provided support for graduate students by continuing to exempt the value of reduced tuition from taxes.
McKinley successfully worked with House leadership to ensure that the tax reform package retained the Historic Preservation Tax Credit, critical clean coal research credits, and higher education credits.