One Year of the Working Families Tax Cuts
One year ago, the Working Families Tax Cuts was signed into law by President Trump. I was proud to vote for this legislation that delivered the largest tax cut in history for working and middle-class Hoosiers, expanded the child tax credit, and helped spur new economic growth and job creation in Indiana.
Millions of Americans have benefitted from the law’s provisions, including no tax on tips and overtime, the enhanced senior deduction, and the increased Child Tax Credit. This law expanded 529 savings plans to cover vocational schools and apprenticeship programs, helping more Americans gain the skills needed for good-paying careers.
This law also includes my proposal to incentivize job-creating R&D activity in the United States to drive our innovation future and protect our national security. These critical R&D provisions will help America outcompete and out-innovate China.
And this law significantly invested in border security to build more of our border wall and hire more border patrol officers. It includes sensible reforms to strengthen government assistance programs by rooting out waste, fraud, and abuse and improving work requirements for able-bodied adults without young children or disabled dependents.
We wrote this law to provide relief for workers, families, seniors, and small businesses and to increase the safety of our citizens. We are seeing those objectives realized. |