News from Representative Tom Emmer

 

Dear Friend, 

Last December, Congress achieved once-in-a-generation tax reform! The President’s signature on these significant reforms to our tax code delivered major tax-relief for the middle-class, allowed businesses around the country to create new opportunities for every American and boosted our nation’s economy. This revamp of our nation’s broken tax code was long overdue. 

Our economy is thriving: 213K jobs added and average hourly earnings up 2.7% from last year. As the economy continues to build momentum, Congress is poised to take the next step and make the individual tax cut permanent. The bottom line: you deserve to keep more of your hard-earned money. That’s why I signed on as a cosponsor of the Permanent Tax Cuts for Americans Act, H.R. 4886.

The House-passed version of the Tax Cuts and Jobs Act made the modifications to the individual tax rates and deductions permanent. Unfortunately, in order to comply with budget reconciliation rules, nearly all of the tax changes for individuals are set to expire in 2025. H.R. 4886 would make permanent the individual tax provisions for individuals and pass-through businesses. This includes the doubling of the standard deduction, doubling the Child Tax Credit, preserving deductions for medical expenses, and the modified mortgage interest deduction. You can read more about this bill, here.

By making the individual income tax changes permanent, we can expect:

  • A GDP increase of 2.2 percent
  • Boosted long-run wages by 0.9 percent
  • An additional 1.5 million full-time equivalent jobs
  • A reduction in federal revenue by $638 billion between 2019-2028 on a static basis or $576 billion when factoring in increased economic growth
  • Increased after-tax incomes by roughly 1.5 percent for every income group

Like businesses, American families need certainty. Whether it’s deciding when to purchase a home, have children, change jobs, or even take a vacation, Minnesotans need to know that they have an improved tax code that will continue to work for them for decades to come. 

Read more here

Sincerely,


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