Congressman John Shimkus celebrated Tax Day Tuesday. He notes it was the last day of the 32-year-old Tax Code – a system which Shimkus says is outdated and broken.
Shimkus says that under the new simpler tax code 90 percent of his constituents will be able to take the standard deduction next year. He adds those who can save more by using the long form will still be able to claim the most common itemized deductions – including mortgage interest, charitable contributions, major medical expenses, and up to $10,000 in state and local taxes.
Congressman Shimkus added that under the new Tax Cuts and Jobs Act, a typical family of four in his district making $62-thousand dollars will save more than $1,700 a year. He says it is thanks to the nearly doubled standard deduction, lower rates, and expanded child tax credits.
Shimkus says more than 400 companies have invested more than $4 billion dollars as a result of the new law so far. And he adds that thanks to the lower taxes on employers, more than 4 million workers are also seeing higher wages, getting bonuses or being offered new or expanded education benefits and paid family leave.
And Shimkus says the bottom line is that the tax reform is working.
