The recent passing of comprehensive tax reform by the House of Representatives ends a dreadful 31-year streak since we last reformed our tax code. The system it will replace is broken, burdensome, and continues to hurt job creation. To compete in a 21st century economy, California families and small businesses need tax relief—not more of the status quo. The Tax Cuts and Jobs Act focuses on boosting growth and helping people across the board keep more of what they earn.
Enacting pro-growth tax policies will directly lead to more economic prosperity for every single American. Ed Royce is committed to ensuring that tax reform works for all Californians, especially for those who need it most.
According to the analysis conducted by the non-partisan Tax Foundation, the Tax Cuts and Jobs Act will lead to a 111,000 or more new full time jobs in California over the next 10 years and an increase of $2,392 in after-tax income for the average California family.
More On the Tax Cuts and Jobs Act:
- Lowers individual tax rates for low- and middle-income Americans and ensures the wealthy pay their fair share.
- Simplifies our increasingly confusing and complex tax code so an individual or family can file their taxes on a form as small as a postcard.
- Roughly doubles the standard deduction, so those struggling most can keep more of their hard earned money.
- Establishes a new Family Credit, which includes increasing the Child Tax Credit by 60% to help parents with the cost of raising children, and providing a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.
- Continues to allow people to write off the cost of state and local property taxes up to $10,000.