Press release:
Congressman Chris Jacobs (NY-27) cosponsored the Protecting Family and Small Business Tax Cuts Act to make the 2017 Trump tax cuts permanent.
“Following the implementation of President Trump’s tax cuts, our nation witnessed an extraordinary period of economic expansion, wage growth, and job creation,” Jacobs said.“Businesses were bringing manufacturing back from overseas, employers were using savings from the federal government to hire additional employees, and our nation saw our output and productivity increase.”
The legislation co-sponsored by Jacobs most notably:
- Make permanent the doubled standard deduction of $12K for those filing single and $24K for jointly filed returns
- Make permanent the doubled child tax credit of $2K including full refundability of $1400
- Maintains the mortgage interest deduction at $750K
- Maintains the Medical Expense Deduction to allow the deduction of qualified expenses that exceed 7.5 percent of an individual’s AGI
- Provides a 20 percent tax deduction for small businesses
“Since taking the White House and majority, Democrats have made clear they want to undo these successful policies and force through policies that waste trillions of dollars and raise taxes on Americans,” Jacobs said. “We have already seen the disastrous impact of their policies on our economy. I am proud to join this legislation to ensure a successful Trump policy is made permanent so it can continue to help families and small businesses in the future.”
