TAXES and CREDITS

Every American received a reduction in taxes

US TAXES

  • Tax Cuts and Jobs Act overhaul of US tax code in place since 1990, signed in 2017.

  • Decrease corporate tax rate to 21% from 35% increasing capital for more jobs / salaries

  • Temporary benefits for individuals increase

  • Small Businesses have the Lowest Top Marginal Tax Rate in more than 80 years due to the tax cuts under Trump.

  • Child and Dependent Care Tax Credit (CDCTC) provides a tax credit equal to up to 35% of child care expenses, $3,000 per child, and $6,000 per family plus Flexible Spending Accounts (FSA) to allow for setting aside up to $5,000 in pre-tax dollars to use for child care.

  • Tax Cuts and Jobs Act doubled the maximum amount of the child tax credit available from $1,000 to $2,000 and lifted the income limits so that more people could benefit.

  • Tax Cuts and Jobs Act added a new tax credit of $500 for other dependents.

  • Tax Cuts have resulted in over $1 trillion of taxes back into the US from overseas

LEADERSHIP CHOICES ARE IMPORTANT

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