Congressman Greg Gianforte says the new tax bill will provide a tax cut of $1,182 for a average family of four

For the first time in 31 years, the Committee on Ways and Means released legislation to change the nation’s tax code. The legislation lowers individual rates for low- and middle-income Americans, plus helps families with kids. The measure also reduces rates for businesses and helps encourage business investment. Republicans say this will grow the economy, increase jobs and wages.

Congressman Gianforte welcomes the Tax Cuts and Jobs Act.

“Tax reform provides hard-working Montanans with needed tax relief. The plan reduces rates for low- and middle-income Montanans, allowing them to keep more of what they earn. A typical family of four, earning $59,000, will receive a $1,182 tax cut.”Gianforte said.

“This tax reform legislation promotes economic growth, creates more Montana jobs, increases Montanans’ paychecks, and creates a fairer, simpler system,” Gianforte stated.

“Montana families will see relief with lower rates, the doubling of the standard deduction, and the expansion of the child tax credit,” Gianforte said. “The legislation preserves the home mortgage interest deduction, continues the deduction for charitable contributions, retains popular retirement savings options, and continues to allow people to write off the cost of state and local property taxes.”

“Importantly, the bill also benefits Montana’s family farmers, ranchers, and business owners by immediately reducing and ultimately repealing the death tax,” Gianforte added.

“The legislation makes the U.S. competitive with other countries again. This tax reform bill brings back jobs to the U.S.,” Gianforte said, “and it encourages business investment which will jump start our economy.”

The Tax Cuts and Jobs Act is a pro-growth plan to overhaul the nation’s tax code for the first time since 1986. It means hard-working Montanans will can keep more of what they earn. It also encourages Montana businesses to invest and hire more workers. The act according to Republicans will leads to greater economic growth.

Dominick

(Photo by Tim Boyle/Getty Images)