To the Editor:
The Tax Cuts and Jobs Act is 560 pages long. Many are rightfully unsure about who benefits and how: Is this tax law good for me, my family and Illinois?
Well, the news is in. Since tax reform was signed into law in December, people in Illinois are already reaping the benefits.
Changes to the way all U.S. businesses are taxed have already meant more take-home pay and better opportunities for workers. Since Congress reformed the U.S. tax code for the first time in more than three decades, 90 percent of Americans have seen bigger paychecks. Changes to the individual tax code mean all Americans get to keep more of the money they earn, period. A single parent with one child earning $41,000 gets a $1,300 tax cut. A family of four earning $73,000 gets a $2,059 tax cut. A small business owner whose company earns $100,000 gets a $2,600 tax cut. This means more families can afford braces for the kids, rent and mortgage payments, extracurricular activities, retirement investment and family vacations.
And because American companies no longer pay the highest corporate tax rate in the developed world, they will be hiring more workers, and more than 4 million Americans are receiving employee bonuses.
Several companies in Illinois – including Abbvie, BMO Harris Bank, Boeing, Discover, First Midwest Bank, Griffith Trucking and MB Financial – are offering workers increased wages, more paid time off and new work spaces and equipment. The ripple effects of reduced tax rates stretch even further – more than 80 million Americans are already paying lower utility bills.
This new legislation is making a big difference in the lives and take-home pay of Americans. My top priority as a member of Congress is jobs, and I’m committed to telling that story and talking to the people of the 14th District to address questions about what tax reform means for you.
U.S. Rep. Randy Hultgren