Tax plan helps U.S. businesses, families alike

Why do we need the tax plan? Because it keeps our money in our pockets and it encourages the growth of American businesses.

That means more money to pay bills, groceries, or even to help pay off student loans and debt. That means a better opportunity for local businesses to start, grow and thrive.

This bill provides much-needed relief for people who really need it the most by lowering tax rates for low- and middle-income Americans to zero, 12 percent, 25 percent and 35 percent. It helps families by establishing a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600 to help parents with the cost of raising children, and providing a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.

It simplifies the tax filing system by eliminating costly deductions that artificially drive up tax rates. The Tax Cuts and Jobs Act helps entrepreneurs by reducing the tax rate on the hard earned “pass-through” business income to no higher than 25 percent for Main Street job creators – the lowest on small business income since the 1940s.

And it also simplifies the tax code so small businesses can focus more time and money on growing their business and creating jobs -- not navigating the 70,000 pages of tax laws.

The bill creates a better atmosphere for American companies to operate and manufacture in America, bringing jobs back home. And of course, the Tax Cuts and Jobs Act protects the current retirement savings option.

This story was originally published November 9, 2017 at 2:08 PM with the headline "Tax plan helps U.S. businesses, families alike."