More Than A Million Americans are Starting 2018 with More Money Thanks to Tax Reform
‘I am particularly proud of the ways tax reform will benefit America’s farmers and ranchers. Later today, President Trump is delivering the good news at the annual conference of the American Farm Bureau Federation. Like so many states, Kentucky is home to a vibrant farming community. Throughout the legislative process, I heard family farmers loud and clear: We need tax relief. And that’s what Congress delivered.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks on the Senate floor regarding the benefits Americans are seeing across the country thanks to the Tax Cuts and Jobs Act:
“One million Americans and counting will be starting 2018 with more money in their pockets – thanks to tax reform. Special bonuses are on the way for employees across a wide range of industries. Businesses throughout America are taking advantage of more competitive tax rates and passing the savings along to their workers.
“As a result, employees at companies from Visa and AT&T to Turning Point Brands in Louisville are seeing results. For working parents in Kentucky and all across the nation, these bonuses and other permanent changes will make a big difference in family budgets. Of course, in just weeks, even more families will see the benefits of tax reform hit their paychecks. Lower tax rates will mean less money withheld for the IRS and more take-home pay for hardworking Americans.
“I am particularly proud of the ways tax reform will benefit America’s farmers and ranchers. Later today, President Trump is delivering the good news at the annual conference of the American Farm Bureau Federation. Like so many states, Kentucky is home to a vibrant farming community. Throughout the legislative process, I heard family farmers loud and clear: We need tax relief. And that’s what Congress delivered.
“Thanks to our once-in-a-generation tax reform law, it will be easier for farm families in Kentucky and around the country to invest in new capital equipment and recover their costs. According to the Farm Bureau Federation, 93 percent of U.S. farms file taxes through the individual code. They will benefit from the major tax relief we secured for pass-through businesses.
“And, especially important for farmers, this tax bill doubled the exemption from the death tax. It is the government’s final insult to make grieving families visit both the undertaker and the IRS at the same time. Now, this burden will fall on fewer of America’s farmers and ranchers. Thanks to the work of Senator Roberts, Senator Hatch, and many others, we passed a tax reform bill that both the American Farm Bureau Federation and the Kentucky Farm Bureau endorsed. And now, farming families throughout America will reap the benefits.”
Related Issues: Tax Reform, Economy, Taxes
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