Congressman Steven Palazzo: More money in taxpayers pockets
As your Congressman and one of the few CPAs in Congress, I’m proud to announce that this week, the American people are getting a well-deserved Christmas present. Republicans, led by President Donald J. Trump, passed the first overhaul of the U.S. Tax system in over 30 years. The reforms that will soon be signed into law will result in thousands of dollars back in the pockets of hundreds of millions of American taxpayers. Finally, YOU are going to control more of YOUR money.
In the last few days, the question I’ve heard asked the most is: “What does this mean for me and my family?” Well under this bill we have doubled the standard deduction and we have doubled the child tax credit, we have expanded the medical expense deduction, we have preserved the mortgage interest deductions, and you can still write off the cost of your state and local taxes. All of these things mean Mississippians keep more of their hard earned money and send less to federal bureaucrats in Washington, DC. The average household in south Mississippi with two kids makes roughly $59,000 a year—this family on average will see a $1,700 cut in their taxes. . Finally, a registered nurse and single mother of two gets the break she’s been waiting for with a $2,000 tax cut—roughly half of what she’s paying now A Gulf Coast police officer and an elementary school teacher filing jointly with two children will see a $2,344 cut in their tax return. In South Mississippi, where more than 12,000 shipbuilders go to work every day, our shipbuilders filing jointly will also see, on average, about $2,300 more in their pockets as a result of this bill.
Picayune Item
12/26/17
Magnolia Tribune
