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Americans across the country can agree on one simple truth: We could all benefit from a little extra money in our pockets. For mothers like me, that’s money to send our kids to college. For others, it means rebuilding their rainy-day fund. For every single one of us, it means much-needed relief in our busy lives.
Americans have long been forced to cut budgets, scrimp, and withdraw from their savings account as they chase their version of the American Dream. But now, under President Donald Trump’s leadership, families will be empowered to save again. They can fuel their car without fretting over a few cents’ increase. They can afford to finally send their kids to summer camp. They can put more money away for life’s unplanned emergencies.
This will be possible because of a new plan put forth by our president and Republicans in Congress that will cut taxes and simplify the federal tax code for the first time in more than 30 years.
The plan would help relieve financial burdens on families by nearly doubling the standard deduction and increasing the child tax credit. It would cut the number of tax brackets, streamline the tax system and make it easier to file each year.
Under the president’s plan, most of us will be able to file taxes on a single page — a welcome change, considering the filing process eats up more than 6 billion hours of taxpayers’ time each year. This plan will deliver a fairer, flatter, and simpler system that our nation’s hard-working families deserve.
The tax plan will put more Americans to work by cutting the exorbitant business tax rate. As the workforce carries most of that financial burden, a lower rate helps each worker and allows companies to grow, adding well-paying jobs to our economy.
The plan would also protect international businesses from double taxation on money made overseas, giving multinational companies incentive to bring their profits back to the U.S., invest in American jobs, and pay workers higher wages.
This is an undisputable win for Americans and the economy — and it’s already been implemented successfully on the state level.
Take, for example, my home state of Michigan. Gov. Rick Snyder signed a tax reform package in 2011 that simplified the state tax code, replaced the Michigan Business Tax with a flat rate, and cut personal income tax rates.
That package was part of the state’s efforts — under Republican leadership — to grow the economy, bring industries back to Michigan, cut unemployment, empower small businesses, and help low-income families. It was a monumental change that shifted our state’s direction following years of poverty, bankruptcy, and cronyism under Democratic leadership.
Because of that tax reform package, Michigan has since seen job creation and a rise in the auto, energy, aerospace, agricultural, and defense industries. State population has increased and unemployment has fallen to near its lowest rate in 17 years.
Tax cuts were a key factor in Michigan’s comeback story — and our nation is long-overdue for the same kind of success.
Luckily, we are in the perfect place to achieve it, thanks to President Trump and Republicans in Congress. They have joined together to develop a plan that will bolster the middle-class, help families save, and empower our country’s workforce. Americans are waiting on Congress to unite behind these tax cuts and show us that Washington can rise above politics to fight for the American people. We are all ready to see that dream delivered.