from The Huizenga Huddle: Dec. 28, 2017
Last week, Congress delivered on an important promise with a once in a generation vote to enact tax reform. The Tax Cuts and Jobs Act overhauls our tax code for the first time in three decades by cutting taxes for hardworking taxpayers, small businesses and West Michigan companies.
This legislation delivers tax relief for West Michigan by lowering rates, nearly doubling the standard deduction to $12,000 for individuals and $24,000 for families, and doubling the Child Tax Credit from $1,000 to $2,000. Additionally, the Child Tax Credit will also be refundable up to $1,400 for low income families with little to no tax liability.
Another way the Tax Cuts and Jobs Act will provide relief for middle class taxpayers is by cutting taxes for job creators of all sizes in West Michigan. Over the last two decades, small businesses have been the engine of economic growth. That is why the Tax Cuts and Jobs Act provides small businesses a significant tax cut that will allow these local entrepreneurs, whether it is the pizza or small manufacturing shop, to invest, create new jobs and grow right here in West Michigan.
Unfortunately, when high profile legislation such as tax reform is debated, the rhetoric surrounding the issue often diverges from reality. Recently the left-leaning Tax Policy Center, who has been critical of the Tax Cuts and Jobs Act, found in their analysis that the share of federal taxes paid by the 1 percent will rise, while the bottom 80 percent of taxpayers will see greater tax relief. The argument that this tax cut is ‘for the rich’ is false. This is a tax cut for hardworking, middle class families and job creators across West Michigan.
Those who claim that letting West Michigan residents keep more of their hard-earned money adds to the debt are misguided at best. Our debt isn’t caused by a lack of revenue, its Washington’s addiction to spending. This problem isn’t easy to tackle, but it is why I have supported legislation to reduce our spending by $6.5 trillion over the short, medium, and long term. Big spenders in Washington don’t understand. This isn’t their money in the first place, it’s yours.