1st District Residents,
Below is a note from Congressman Wittman to his constituents explaining how those of us who live in the 1st District will benefit from the tax legislation recently passed by Congress. Take a look at the links he provided in his note for some detailed information.
This week the House is on the verge of passing historic tax relief for the first time in decades! Our tax code is far too complex and burdensome, and the Tax Cuts and Jobs Act is Congress’ solution. It will deliver much-needed tax relief to families, help our job creators compete and win here at home and around the world, and make the tax code simpler and fairer for all Americans. It will fuel economic growth – leading to more jobs, fairer taxes, and bigger paychecks for Virginians.
Here’s how the Tax Cuts and Jobs Act will impact Virginia’s First District:
• 59,094: That’s how many families in VA-01 currently claim the child tax credit. Under the Tax Cuts and Jobs Act, the child tax credit increases by $600 per child.
• 44,717: The number of taxpayers in VA-01 who have small business income. The Tax Cuts and Jobs Act reduces the tax rate on the hard-earned business income of Main Street job creators to no more than 25%.
• 9,970: The number of taxpayers in VA-01 that are effected by the Alternative Minimum Tax (AMT). The Tax Cuts and Jobs Act repeals the AMT so taxpayers won’t have to calculate their taxes twice each year and pay the higher amount.
• 149,325: Hundreds of thousands of taxpayers in VA-01 itemize their deductions. The Tax Cuts and Jobs Act simplifies the tax code so 9 in 10 people will be able to file their taxes on a postcard.
Bigger paychecks. Fairer taxes. More jobs. That’s what tax reform will do for Virginia’s First District.