Fort Wayne – Congressman Jim Banks (IN-03) today urged his colleagues to make the individual tax cuts included in the Tax Cuts and Jobs Act permanent. Banks also announced his support for H.R. 4886, the Permanent Tax Cuts for Americans Act.
“This week, for the first time since 1986, the American people celebrated Tax Day by saying good riddance to an old, broken, outdated tax code,” said Banks. “The Tax Cuts and Jobs Act provided historic tax relief to millions of families across the nation, and 90 percent of Americans have seen their withholdings change. Congress should continue this economic progress by making tax relief permanent.”
H.R. 4886 would make permanent the tax provisions for individuals and pass-through entities in the Tax Cuts and Jobs Act, including:
- Lower rates ensure individuals at every income level will see a tax cut.
- Based on IRS numbers, the average family of four making the country’s median income of $78,509 will receive a $2,224 tax cut.
- Doubles the standard deduction to $12,000/$24,000, which nearly three in four people in Illinois currently takes.
- Doubles the Child Tax Credit to $2,000 with up to $1,400 refundable.