Tax day is one of the most stressful — and dreaded — days of the year. Time is spent hunting down old documents, laboring over receipts and expenses, and crunching numbers. It’s tedious, wasteful, inefficient and well … taxing. Not to mention the frustration that comes with how much Uncle Sam takes from your paycheck. I truly am sorry you had to go through that last week.
But, I have great news. You will no longer have to file taxes under the old, burdensome, outdated system. Sayonara. Goodbye. Farewell. So long. And good riddance.
Because of the Tax Cuts and Jobs Act, the most sweeping, pro-growth tax reform in more than 30 years, we are welcoming a simpler tax code that lets you and other hardworking Americans keep more of your paychecks. I am proud to have worked with President Donald Trump to increase the child tax credit, lower tax rates, get rid of Obamacare’s individual mandate, simplify the process, and nearly double the standard deduction. We have made families a priority in these reforms.
Let me give you a few examples. The next time you file your taxes, you will benefit from a nearly doubled standard deduction of $12,000 for individuals and $24,000 for married couples. That also means greater simplicity for nearly 90 percent of taxpayers who will be able to do their taxes on a short and simple form.
A typical family of four in Concord earning the median annual income of $73,000 will see a tax cut of almost $2,100. And for a newlywed couple in Fayetteville earning $61,000 or less, they won’t pay a cent in federal income tax. How would that extra money help your family? Maybe it would help cover your family’s phone bill, or help you save for your child’s future education, or pay off credit card debt. Maybe you want to put more in savings for a rainy day or go on that long overdue family vacation. It’s your money, and I believe it should be in your pocket — not Uncle Sam’s.
And with this new tax code, you deserve a new IRS that truly serves you. That’s why the House continued our work to reform the IRS. After the targeting scandal and email fiasco at the IRS, I helped champion laws to stop IRS abuse like political targeting, and hold agency employees accountable for misconduct.
Last week, I voted for legislation to build on those efforts and dramatically reform the IRS. The House passed the 21st Century IRS Act (H.R. 5445) which takes steps to provide greater accountability, transparency and security for IRS information technology. The House also passed the Taxpayer First Act (H.R. 5444) to create an independent appeals process to review taxpayer disputes with an impartial look. We guarantee taxpayers are treated fairly. This bill will also permanently authorize the Free File and Volunteer Income Tax Assistance programs, which provide tax-filing assistance to low- and moderate-income Americans.
These are common-sense steps, but rest assured, I won’t stop fighting to tip the balance of power back to you and away from Washington bureaucrats.