One year ago today, Congress passed and the President signed into law the first comprehensive tax reform legislation in nearly 31 years. This much-needed relief has given hard-working Kentuckians the ability to keep more of their paychecks, simplified the code by eliminating special interest loopholes, and made our businesses more competitive.
More Opportunities through Economic Growth:
- The average increase in take home pay per family of four in the Sixth District thanks to the tax reform is $2,052 and $17,386 over the next 10 years (Heritage Foundation).
- Over the next 7 years, American can expect more than 1.44 million jobs to be created, including 18,748 in Kentucky. (Tax Foundation).
- 1.7 million jobs have been created as a result of the Tax Cuts and Jobs Act (JEC).
- More than 700 businesses have passed on its savings to employees through bonuses, expanded benefits, and increased 401K contributions (ATR).
- The unemployment rate hit 3.7%, the lowest level since 1969, and youth unemployment hit a 52-year low (Department of Labor).
- Small business optimism hit its highest level ever recorded (NFIB).
- Jobless claims fell to a near 49-year low (Reuters).
- 120 utility companies have lowered prices for their customers because of tax reform, including Kentucky Utilities (KU) and LG&E (LGE-KU).
- 90% of Americans are receiving bigger paychecks under the new withholding tables (U.S. Treasury).
Throughout consideration of the Tax Cuts and Jobs Act, I diligently worked to advocate for the interests important to the Commonwealth, which includes:
- My legislation, the Aged Distilled Spirits Competitiveness Act, which levels the playing field in the tax code for Kentucky bourbon producers by allowing the deduction of interest expense incurred during the aging process.
- Immediate expensing for business assets, including investments in Kentucky’s signature bourbon and equine industries.
- Exemption of federally recognized work study colleges, including Berea College, from an excise tax that would have hindered their ability to serve low-income and first generation college students.
- Lowers individual tax rates for low- and middle-income Americans
- Significantly increases the Standard Deduction and expands the Child Tax Credit
- Delivers significant tax relief to Main Street job creators
- Provides relief for Americans with expensive medical bills and eliminates Obamacare’s individual mandate penalty tax.
- Lowers the corporate tax rate to 21% and prevents American jobs, headquarters, and research from moving overseas.
To learn more about how the Tax Cuts and Jobs Act impacts you and your family, go tofairandsimple.gop. I look forward to continue working on pro-growth initiatives to ensure individuals, families, and small businesses throughout the Sixth District are afforded greater opportunities through additional economic growth.
Please continue to let me know your thoughts and concerns about issues facing our community, and I hope you will forward my newsletter to your friends, family and neighbors.
You may also visit my website, Facebook and Twitter, where you can find regular updates about my work at home in the Sixth District and in Washington.
Thank you, and I’m wishing you and your family the happiest of holidays!