Hartzler: Time to Say Goodbye to Broken Tax Code
WASHINGTON, D.C. – Congresswoman Vicky Hartzler (MO-04) today celebrated the final day of our antiquated tax code, noting that April 17th marks the last time that taxpayers will have to deal with the old, broken tax system.
“Some things from 1986 are worth keeping. The tax code is not one of them,” said Congresswoman Vicky Hartzler, who today celebrated the last day of America’s 32 year-old tax code. “Today marks the last time Americans will have to file under this cumbersome, antiquated tax system. In fact, most people at this time next year will be able to file their taxes on a form as simple as a postcard. The Tax Cuts & Jobs Act has simplified our tax code while providing relief for almost everyone who pays taxes,” added Hartzler, who noted that the standard deduction, which 71% of Missourians use, will nearly double.
“The new tax code will help hard-working families in Missouri and across the United States who, for too long, have had to focus on just getting by instead of getting ahead,” said Hartzler. “Under the new system, families will receive an enhanced child tax credit as well as a doubling of the standard deduction. It is time we put working families first,” added Hartzler.
Other highlights of tax reform include:
- Increases child tax credit from $1,000 to $2,000 to help parents with the cost of raising children.
- Preserves the adoption tax credit.
- Maintains the deduction for charitable contributions.
- Preserves the home mortgage interest deduction for existing mortgages and newly purchased homes up to $500,000, providing tax relief to current and aspiring homeowners.
- Reduces corporate tax rate from 35% to 20% so businesses can grow and hire more employees.
- Reduces small business tax rate to the lowest it’s been since World War II.
- Maintains deduction for higher education.