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Blaine's Bulletin: Tax Reform 2.0

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Washington, September 28, 2018 | comments

Just before Christmas, President Trump signed into law the first comprehensive tax reform in three decades. The Tax Cuts and Jobs Act delivered lower individual tax rates for families across America and is supporting small business owners and Main Street job creators.

Families in Missouri and across the nation are better off now. Nearly 1.7 million new jobs were created since tax reform was signed into law; middle-class income hit an all-time high last year; wages are rising at their fastest rate in a decade; jobless claims are at their lowest rate since December 1969; four million Americans have seen increased wages, bonuses and expanded retirement options; more than half of small businesses have plans to expand and hire more employees; and economic optimism is on the rise.  Most importantly, the average family in our district will save more than $2,000 this year.

Missourians have kept more of their hard-earned money and enjoyed a booming American economy, but this is just the beginning. Since the Tax Cuts and Jobs Act was passed, I’ve heard concerns from constituents who were dismayed that the individual tax cuts were not permanent. Each time I was asked this question, I gave the same answer “I promise, we’re working on it.” I’m happy to tell you that the House of Representatives passed three bills this week to permanently extend individual and small business tax cuts, help families and individuals save for the future, and support American entrepreneurs.

For the average Missourian this means permanently lower tax rates, permanently doubled child tax credit, the permanent elimination of the alternative minimum tax, and a simpler filing system designed to save you precious time and money. With Main Street optimism at an all-time high, we’re renewing our focus on entrepreneurship and spurring innovation. Tax reform 2.0 will give small business owners the certainty they need to expand their business, hire more works, and invest in our communities.

According to the non-partisan Tax Foundation, by permanently locking in individual and small business tax cuts, we will create 1.5 million new jobs, increase wages, and increase GDP by 2.2%. We can now say America has one of the most competitive tax codes in the world, and with this legislation, we are keeping it that way. I was proud to support tax reform 2.0 because it will safeguard our economic prosperity, create jobs, and ensure future generations continue to reap the benefits of our growing economy. 

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2230 Rayburn HOB Washington, DC 20515 (202) 225-2956 tel (202) 225-5712 fax
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2117 Missouri Boulevard Jefferson City, Mo., 65109 (573) 635-7232 tel (573) 635-8347 fax
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113 East Pearce Boulevard Wentzville, Mo., 63385 (636) 327-7055 tel
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516 Jefferson St. Washington, MO 63090 (636) 239-2276 tel
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