>From everyone here at the Marion County Republican Central Committee we hope you have a safe and Happy Holiday!
Yesterday was a historic day for our country. Republicans in Washington were able to pass the largest tax reform package in the history of our country, sending the bill to the President’s desk for his signature. Even though the bill hasn’t been signed yet companies like AT&T, Boeing, Comcast, and Fifth-Third Bank have already announced that they’ll be giving out bonuses and raises to hundreds of thousands of employees as well as investing billions of dollars back here in the United States. These tax cuts will help out every day Americans, especially people here in Marion County.
At a high level, here is what is included in the final bill:
- Lowers tax rates at every income level
- Doubles the standard deduction
- Doubles the child tax credit to $2,000
- Eliminates Obamacare’s individual mandate penalty tax
- Retains many popular tax credits, deductions and tax-advantaged programs
- Adoption tax credit, mortgage deductions, education savings programs, retirement accounts…
This reform is especially beneficial for manufacturing-intensive states like Indiana, as this bill closes a tax loophole that allows businesses to offshore jobs overseas.
- Companies that renounce their U.S. headquarters and move overseas will see a 20% excise tax on stock compensation.
- Business will enjoy $1.8 trillion in tax cuts that will be critical to helping them compete in the global economy.
- Small businesses – the backbone of our Hoosier economy – will enjoy a first-ever 20% tax deduction on the first $315,000 of their income.
This has been a year of growth for our party and I’m excited about what we’ll be able to do in 2018 with your help. Thank you for helping make 2017 a successful stepping stone for 2018. I hope you have a happy New Year!
Chairman, Marion County Republican Central Committee