February 28, 2024
December 20, 2017
President Donald J. Trump and Congressional Republicans Deliver Largest Pro-Growth, Pro-Family, Pro-Jobs Tax Reform In A Generation
Washington, DC – The over 1.5 million members of the pro-family Faith & Freedom Coalition are celebrating the largest tax cut in over 30 years with passage today by both the U.S. House and Senate of the “Tax Cuts and Jobs Act”. The Act now goes to President Trump’s desk for signature into law. “This once in a generation tax cut is pro-child, pro-jobs, pro-middle-class, and pro-family,” said Faith & Freedom Coalition Founder and Chairman Ralph Reed. “The Tax Cuts and Jobs Act doubles the child tax credit to $2000 per child, doubles the standard deduction for individuals and married couples, and repeals the repressive Obamacare mandate to begin full dismantling of Obamacare. President Trump and Congressional Republicans have now delivered for the American people a simpler and fairer tax code that protects and supports families and children, and will increase wages, promote job creation, and make American businesses more competitive.” The new law contains the following provisions that Faith & Freedom strongly supported throughout the legislative process:
- Doubling the child tax credit to $2,000. An estimated 22 million Americans benefited from the child tax credit in 2015 and it has helped to lift over nine million people out of poverty. This is a $600 billion tax cut targeted directly at middle-class working families that is pro-life, pro-child and pro-family.
- Nearly doubling the standard deduction to $12,000 for individuals and $24,000 for families. This represents nearly a $1 trillion cut in taxes for middle-class families and will protect a larger share of the average family’s income from taxation.
- Repealing the Obamacare individual mandate/tax. An estimated 6.7 million Americans paid this tax in 2015 rather than pay for health insurance they did not want and could not afford.
- Cutting taxes on small businesses and pass-through companies. Small, family-owned businesses create 80 percent of the new jobs in America.
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