Before the Tax Cuts and Jobs Act, the federal tax code was broken. Filing your taxes was too complicated, too time-consuming, and too costly.
The Tax Cuts and Jobs Act lowered rates, increased the Child Tax Credit to help families with the costs of raising children, doubled the standard deduction so middle-class Americans can keep more of their paycheck, and reduced the tax burden on small businesses to help spur job growth.
The typical family of 4 earning $73,000 were estimated to see a 58% tax cut, paying $2,059 LESS in taxes for 2018. The Tax Cuts and Jobs Act also repealed Obamacare’s unpopular and harmful individual mandate, which taxed you for not having health insurance.
The Republican-passed Tax Cuts and Jobs Act also expanded 529 education savings accounts to you have more opportunities to prepare for your child’s education.
Important retirement tools like 401(k)s and Individual Retirement Accounts were preserved, giving you peace of mind when planning for retirement.
More on Tax Reform
WASHINGTON, DC - In response to reports about the American Rescue Plan potentially restricting states’ ability to set their own tax policy, Congressman Bob Gibbs led a group of Ohio members urging Treasury Secretary Janet Yellen to ensure the Treasury Department does not interpret the law in any way that constrains states. A second letter was sent to Governor DeWine, Senate President Matt Huffman, and Speaker of the Ohio House.
WASHINGTON, DC - Citing the impact on Ohio medical device manufacturers and patients who rely on them, Congressmen Bob Gibbs and Dave Joyce urged leadership in the House of Representatives and the Senate to repeal the 2.3 percent tax on medical device tax revenue. Implementing the tax, which has been delayed for two years since January 2018, could negatively impact the important work performed by 500 Zimmer Biomet Ohioans and contributes $6 billion in economic impact in Ohio alone.
WASHINGTON, DC - In an effort to protect small businesses from the excessive compliance costs of online sales tax collection, Congressman Bob Gibbs re-introduced legislation to set guidelines for states expanding their sales tax to non-nexus online sales.
The Protecting Small Business from Burdensome Compliance Costs Act will give small business out-of-state vendors the ability to remit any sales taxes to just one location per state. The bill will also require states to establish and publish what products are subject to sales tax.
WASHINGTON, DC - Congressman Bob Gibbs was recognized as a Champion of the Historic Tax Credit Tuesday evening by Preservation Action, the Historic Tax Credit Coalition, the National Trust for Historic Preservation and National Conference of State Historic Preservation Officers. Gibbs’ efforts were critical in protecting the tax credit during last year’s debate and negotiations of the Tax Cuts and Jobs Act.
The Historic Preservation Tax Credit helps revitalize struggling downtown neighborhoods and restores historically significant buildings.
WASHINGTON, DC - After voting to approve the Conference Report for HR 1, the Tax Cuts and Jobs Act, Congressman Bob Gibbs released the following statement:
WASHINGTON, DC – Congressman Bob Gibbs joined colleagues today in supporting S. Con. Res. 3, a budget resolution that takes the first steps in repealing Obamacare. The resolution, having previously cleared the Senate earlier this week, provides the opportunity to pass the measure with a simple majority in both chambers through a process called budget reconciliation.
After the vote, Congressman Gibbs released the following statement:
WASHINGTON, DC – Seniors facing what amounts to a tax increase as a result of Obamacare may find relief if the Senate takes up legislation passed by the House Tuesday. The Halt Tax Increases on the Middle Class and Seniors Act repeals an Obamacare provision that raises the amount of total medical expenses from 7.5 percent of income to 10 percent for Americans to claim those expenses as itemized deductions on their taxes. This provision, already in effect for Americans under the age of 65, will hit seniors in 2017 if the Senate and President do not act.
WASHINGTON, DC – With Tax Day this past Monday and the sting of dealing with the Internal Revenue Service still fresh in the minds of millions of Americans, the House approved several bills to reform the government agency this week. Following passage of two bills yesterday, the House voted on H.R. 3724, the Ensuring Integrity of the IRS Workforce Act this morning. H.R. 3724 prevents the IRS from rehiring former employees who were fired for misconduct.
WASHINGTON, DC – Following the announcement of President Obama’s budget proposal for 2017, Congressman Bob Gibbs released the following statement:
WASHINGTON, DC – Congressman Bob Gibbs released the following statement after passage of the Protecting Americans from Tax Hikes (PATH) Act: