ICYMI: We Will Save & Grow With Tax Reform
By: Senate President Mitch Carmichael
It's a sense of dread that we as Americans know all too well: That feeling that comes when you start to think of preparing your annual income tax return.
The stacks of receipts, the bank statements, the medical bills, wondering if this is the year you should have hired a tax preparation service.
But what if something came along that could ease that headache a little and, as a nice little bonus, put cash right back into the hands of your family?
That's precisely what President Donald Trump and our Congressional leaders plan to accomplish with the Tax Cuts and Jobs Act.
This plan, which has already made its way through the U.S. House of Representatives, could be up for a vote in the Senate as soon as Friday. It's my sincere hope that both U.S. Sens. Joe Manchin and Shelley Moore Capito will truly embrace the potential that can come from passing this kind of substantial tax reform.
For the first time in more than 30 years, the opportunity has arrived: We have a chance to deliver tax relief to millions of working families, create a fairer and simpler tax code for all Americans, and deliver significant tax relief to small businesses, which are truly the foundation of our economy.
The federal plan bears a striking resemblance to a bold attempt made by the West Virginia State Senate to reduce taxes on families and reward the virtue of challenging work. Trump and the West Virginia Senate have both pursued this fundamental aggressive tax reform that is designed to create jobs, opportunity and prosperity for all citizens.
Quite simply, this plan will provide the ability for our job creators and our working families to thrive right here at home and around the world.
The goal of overarching tax reform is to create an environment that is conducive to private sector investment and increased employment. The working men and women of this state and nation deserve to keep more of their hard-earned money to spend and invest as they see fit.
Half-measures will not get this job done: These changes will come from big thinking and bold action.
The plan that Trump has proposed makes sense. Recent polling has shown that more than two-thirds of Americans agree that our federal tax code needs an overhaul, and needs it right now.
This is not a Democrat issue or a Republican issue, either. Tax reform efforts have strong bipartisan support, especially when those reform efforts specifically lower the tax rates on the middle class and small businesses, which are priorities of this plan.
West Virginians stand to benefit tremendously from this tax relief. Trump's plan includes provisions that will help middle- and lower-income Americans keep more of their paychecks.
Additionally, the president's proposed increase of the standard deduction could potentially mean thousands of dollars a year back into the pockets of millions of Americans who need it the most. In some cases, it could eliminate the tax burden entirely for low-income citizens.
I believe the less the government takes out of your paycheck, the more our nation can prosper. Substantially reducing the personal income tax burden on citizens is an efficient and proven path to growth.
I believe the time to start walking that path is right now. We're experiencing a significant turnaround in fortune in this state, and with this landmark federal tax relief package, it could help propel our state's economy to the next level.
Let's return the spending power back to our people and our small businesses.
Mitch Carmichael, R-Jackson, is president of the West Virginia Senate.
Paid for by the WV Republican Party,
PO Box 2711, Charleston, WV 25301
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