Rob Portman says the tax reform bill is already paying dividends
U.S. Sen. Rob Portman said the tax reform bill is already paying dividends for people.
The Tax Cuts and Jobs Act, signed into law in December, is a success.
“Over 3 million on the low end of the income bracket won’t have a tax liability at all. That’s an indication of who’s benefiting,” said Portman, a Republican from the Cincinnati area who was at the downtown Youngstown YMCA today to tour the facility and speak at the Youngstown Rotary Club meeting.
The bill lowers tax rates, doubles the standard deduction to $24,000 per family, and doubles the child tax credit to $2,000 per child.
“Doubling the standard deduction is huge for people in the Mahoning Valley who are making $24,000 a year; it’s all tax-free,” he said. “If you’re making 50 grand a year, $24,000 tax free is helpful. Doubling the standard deduction, doubling the child care tax credit and lowering the tax rate helps working families all over Ohio.”
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