Today, President Donald J. Trump signed the Tax Cuts & Jobs Act into law, an action that has been decades in the making. This piece of legislation takes your hard earned money back from the politicians in Washington and puts it where it belongs - your own pocket.
The Tax Cuts & Jobs Act brings down the tax rate for middle-class families. By doubling the standard deduction, and increasing the child tax credit, families will be able to keep more of their hard-earned wages. By preserving the Home Mortgage Interest Deduction and eliminating the intrusive individual mandate, the middle class finally get the break they have been asking for and have needed for decades.
Main Street will see a first-of-its-kind tax deduction, reducing their effective tax rate to no more than 29.6%. Small businesses drive our economy and employ millions of American workers. Allowing them to reinvest their income into their businesses will lead to higher paying jobs and more job openings for the American workforce.
Our corporations will finally see a tax code that will allow them to compete with foreign companies. Beginning January 1, 2018, the United States will no longer have the highest corporate tax rate in the industrialized world. By eliminating special interest deductions, and reducing the tax rate, businesses have a more equitable tax code that allows them to remain in the U.S. and gives them the opportunity to compete abroad.
The Tax Cuts & Jobs Act sends a message to the United States of America and the world. It's a message that resonates with our hard-working taxpayers in the great state of Wisconsin. The law makes it clear; the American people are best suited to determine how to spend their hard-earned paychecks, not the government. Thanks to President Trump and a Republican Legislature, the United States is Open for Business again!