Today Congressman John Shimkus (R, Illinois-15) voted for the tax reform bill supported by President Donald Trump.
“I’ve pushed for and promoted a simpler, fairer, flatter tax code since I was first elected, and that’s exactly what I was proud to vote for today,” Shimkus said after the House passed the Tax Cuts and Jobs Act.
The bill lowers the corporate tax rate to 21 percent – down from 35 percent, which today is the highest in the industrialized world. Multiple studies have shown how such a reduction will lead to more jobs, higher wages, and stronger economic growth.
“Fixing the business side of our tax code is a win for workers and job creators alike,” Shimkus said. “But individual taxpayers and families at every income level will also get to keep more of their paychecks under this new tax code.”
According to the Internal Revenue Service, 80 percent of 15th District taxpayers currently claim the standard deduction instead of itemizing their tax returns. In addition to lowering rates across the board, the Tax Cuts and Jobs Act nearly doubles that standard deduction, which means the first $12,000 earned by individuals, and the first $24,000 earned by joint filers, will be protected from federal income taxes.
“There is a lot of misinformation being pushed by opponents of tax reform,” Shimkus added. “Some folks even think they’ll be paying more when the reality is they’ll be paying less. Ultimately, the proof that we got it right for the American people will be in their paychecks next year.”
Under the new tax code, for example:
- A family of four, with two children, earning $62,000 a year would get a tax cut of $1,728.
- A single mother, with one child, earning $39,000 a year would get a tax cut of $1,244.
- A retired couple earning $25,000 a year would pay just $100 in federal income taxes (a tax cut of $270).
President Trump is expected to sign the bill into law before Christmas.