An issue that’s not so taxing
ARMSTRONG WILLIAMS | 12/21/2017, midnight
Both the House and the Senate versions of the Tax Cuts and Jobs Act raise the standard deduction for individuals, heads of households and married couples dramatically: $12,000, $18,000 and $24,000, respectively. The current law has these numbers set at $6,500, $9,550 and $13,000. In addition, the child tax credit will go up 65 percent. This increase means more money in everyone’s pockets.
There are a lot of complicated numbers involved in tax reform, but the bottom line is simple. When taxes go down for American corporations, the American economy reaps direct benefits. When taxes go down for the American people, our citizens reap direct benefits. This bill accomplishes both, and it boasts the additional benefit of simplifying the tax code.
When the Senate voted through the Tax Cut and Jobs Act, America moved one step closer to achieving a revamped tax system that actually makes sense and helps everyone. Now it is incumbent upon our legislators to reconcile the bills and allow every hard-working American taxpayer to keep more of what they earn.
Mr. Williams is manager/sole owner of Howard Stirk Holdings I & II Broadcast Television Stations and the 2016 Multicultural Media Broadcast Owner of the Year. Watch our Right Side Forum every Saturday Live on Newschannel 8 TV 28 in D.C., 10:30 a.m. to 11 a.m. and repeated 6:30 p.m., EST. Follow on Twitter @arightside. Visit online at www.ArmstrongWilliams.com.