JOBS, JOBS, JOBS! Record high economic growth. Record low unemployment The Texas economy is booming with Republican leadership.
Need more convincing? Here is how the Republican tax plan helps Texans:
Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35% so people can keep more of the money they earn throughout their lives, and continues to maintain 39.6% for high-income Americans.
Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes – from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
Eliminates special-interest deductions that increase rates and complicate Americans’ taxes - so an individual or family can file their taxes on a form as simple as a postcard.
Takes action to support American families by:
Establishing a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600 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.
Preserving the Child and Dependent Care Tax Credit to help families care for their children and older dependents such as a disabled grandparent who may need additional support.
Preserves the Earned Income Tax Credit to provide important tax relief for low-income Americans working to build better lives for themselves.
Streamlines higher education benefits to help families save for and better afford college tuition and other education expenses.
Continues the deduction for charitable contributions so people can continue to donate to their local church, charity, or community organization.
Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000 – providing tax relief to current and aspiring homeowners.
Continues to allow people to write off the cost of state and local property taxes up to $10,000
Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future.
Repeals the Alternative Minimum Tax so millions of individuals and families will no longer have to worry about calculating their taxes twice each year and pay the higher amount.
Provides immediate relief from the Death Tax by doubling the exemption and repealing the Death Tax after six years.
Family-owned farms and businesses will no longer have to worry about double or triple taxation from Washington when they pass down their life’s work to the next generation.