As a child, all I ever wanted for Christmas was a model airplane. Now that I’m a little older, I’d settle for a nice pair of socks and less taxes. While I’m unable to deliver on the socks, I’m pleased to say that Americans will receive a tax cut that will put more money in your pocket.
This week, I voted to send President Trump the Tax Cuts and Jobs Act, a comprehensive tax reform plan that will cut taxes across the board for Missourians. I voted for this bill because it puts more money in your pocket, creates economic growth, and repeals parts of Obamacare.
Moreover, both the standard deduction and the child tax credit are doubled! As a result, the average American family of four will receive an estimated tax cut of $2,059!
Farmers and small businesses will benefit too by being able to fully expense their new equipment allowing them to grow and create jobs.
And finally, we eliminate one of the most expensive parts of Obamacare, the individual mandate. In doing so, we are providing families with much-needed relief and flexibility to buy the health insurance that best meets their needs.
For over 30 years, the tax code has grown out of control. I’m proud to say we’ve now fixed that and replaced it with a tax code that is simpler and fairer for all; our economy is poised to thrive like never before!
Let’s be honest, it wasn’t the government’s money in the first place so it’s hard to call tax reform a gift. However, in keeping with the giving spirit, more families from all across Missouri will keep more of their money. For the first time in a generation, tax reform is finally here.