How the Tax Cuts and Jobs Act is Helping in Illinois
Today, Congressman Adam Kinzinger (IL-16) joined his colleagues in celebrating Tax Day because it marks the last time Americas will file their taxes under the old, complex tax system.
Washington, DC – Today, Congressman Adam Kinzinger (IL-16) joined his colleagues in celebrating Tax Day because it marks the last time Americans will file their taxes under the old, complex tax system. Filing taxes has typically been a headache for most people, but starting next year, Americans will file under a fairer, simpler tax code. And that is certainly cause for celebration.
In December 2017, the President signed into law H.R. 1, the Tax Cuts and Jobs Act, to overhaul the Internal Revenue Code, which had not been significantly updated since 1986. When the House voted to pass these historic tax cuts, Congressman Kinzinger proudly said he “voted to bring our tax code into the 21st Century with more jobs, fairer taxes, and bigger paychecks to the American people.” And over the last four months since the legislation became law, those promises have been kept.
All over the country and throughout Illinois, the successes of the Tax Cuts and Jobs Act have been significant and its benefits have made real impacts in the lives of hard-working Americans. Over 500 companies have given out bonuses and added benefits for their employees, and over 90% of American workers will see a wage increase this year. This is great news for the American people and the U.S. economy.
According to the non-partisan Institute on Taxation and Economic Policy, 85% of Illinoisans will see a tax cut next year. And the non-partisan Tax Foundation has estimated the State of Illinois stands to gain tens of thousands of full-time equivalent jobs from this tax reform. Here are examples of how this new tax code is helping the people Congressman Kinzinger proudly represents in Illinois:
- Walmart (multiple locations in IL-16)
Lower Costs for Utilities
Increased Take-home Pay
- MainSource Financial Group in Watseka, IL raises to minimum wage to $15/hour
More Jobs & More Benefits
- Small business owner in Walnut, IL will hire 7-10 people by the end of the year AND give wage increases to current employees
- T.J. Maxx (multiple locations in IL-16) increasing retirement plan benefits, paid parental leave & enhanced vacation benefits in addition to one-time bonus to associates worldwide
Preserves New Markets Tax Credit & Historic Tax Credit