Historic Tax Reform Signed Into Law

Senator Richard Burr
2017-12-22 11:05:15
Richard Burr, US Senator North Carolina id="content_main"> Historic Tax Reform Signed Into Law This was a historic week for our country. After thirty-one years and monumental shifts in our economy, we finally have a tax code that works for the American people in the 21st century. For far too long, our tax system has been a burden to the millions of middle-class citizens that make up a majority of this country. Now, you will finally see Washington start to get out of your pockets, and put Main Street in the driver's seat of the economy. This legislation doubles the standard deduction, doubles the child tax credit, and repeals Obamacare's Individual Mandate Tax that has been crippling the lower- and middle-class since enactment. Middle-class families and small businesses across America also benefit from significantly lowered rates. Similarly, this law lowers the corporate tax rate from the highest in the industrialized world to roughly the average corporate rate of our competitors, and it incentivizes companies to bring their money back from overseas. I'm also incredibly proud to have fought for a number of enhancements to the Achieving a Better Life Experience (ABLE) Act, including the ABLE to Work Act and the ABLE Financial Planning Act. These provisions allow disabled individuals to work and save more without risking the loss of benefits and allow rollovers from 529 college savings accounts into ABLE accounts. You can read more about this here in the Winston-Salem Journal [link 1]. Not only has this been a historic week for our country, but this has also been a historic year. We have confirmed more highly-qualified circuit court judges (twelve) than in any first year of a presidency since 1789. We imposed and reinforced hard-hitting sanctions against those who would seek to do us harm in Iran, Russia, and North Korea. And we fully funded our national defense, while giving our troops a long overdue pay raise along the way. I look forward to more important achievements in 2018, but until then, I wish all of you a Happy Holiday and New Year.
December 22, 2017

Historic Tax Reform Signed Into Law

 

This was a historic week for our country. After thirty-one years and monumental shifts in our economy, we finally have a tax code that works for the American people in the 21st century. For far too long, our tax system has been a burden to the millions of middle-class citizens that make up a majority of this country. Now, you will finally see Washington start to get out of your pockets, and put Main Street in the driver’s seat of the economy.

 

This legislation doubles the standard deduction, doubles the child tax credit, and repeals Obamacare’s Individual Mandate Tax that has been crippling the lower- and middle-class since enactment.  Middle-class families and small businesses across America also benefit from significantly lowered rates. Similarly, this law lowers the corporate tax rate from the highest in the industrialized world to roughly the average corporate rate of our competitors, and it incentivizes companies to bring their money back from overseas.

 

I’m also incredibly proud to have fought for a number of enhancements to the Achieving a Better Life Experience (ABLE) Act, including the ABLE to Work Act and the ABLE Financial Planning Act. These provisions allow disabled individuals to work and save more without risking the loss of benefits and allow rollovers from 529 college savings accounts into ABLE accounts. You can read more about this here in the Winston-Salem Journal.

 

Not only has this been a historic week for our country, but this has also been a historic year. We have confirmed more highly-qualified circuit court judges (twelve) than in any first year of a presidency since 1789. We imposed and reinforced hard-hitting sanctions against those who would seek to do us harm in Iran, Russia, and North Korea. And we fully funded our national defense, while giving our troops a long overdue pay raise along the way. I look forward to more important achievements in 2018, but until then, I wish all of you a Happy Holiday and New Year.

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