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by U.S. Senator Dean Heller
A Once-In-A-Generation Tax Relief Bill
For the first time in more than 30 years, Congress passed sweeping tax relief legislation and President Trump recently signed it into law. According to the independent Joint Committee on Taxation, every income category of Nevada’s roughly 1.4 million individual tax return filers will receive a tax cut. I encourage all Nevadans to compare your paychecks today to the ones you’ll receive in February; they’re going to be bigger because our bill allows you to keep more of your hard-earned money.
I know that for the last eight years, families in Nevada, and across the country, have been struggling to stay financially afloat. In fact, it’s been reported that nearly eight in 10 Americans who work full-time are living paycheck to paycheck. And Nevadans are more likely to be living paycheck to paycheck than most other states.
To put that into perspective – housing costs are reported to consume nearly a quarter of Nevadans’ paychecks. In fact, one report suggests that after the cost of living expenses are taken out of their paychecks, the average Nevadan has a little more than $700 left.
In my time across the state, many of my constituents have personally shared with me their stories of worries of an unexpected financial emergency and frustrations with their stagnant wages.
That’s why I’m proud to have helped write this once-in-a-generation tax relief bill that will help lead this country, and Nevadans, onto a new and prosperous path. The Tax Cuts and Jobs Act is a meaningful initiative that is pro-family, pro-worker, and pro-Nevada.
As a member of the tax-writing Senate Finance Committee, I fought hard to ensure that this tax relief bill included provisions to help Nevadans get ahead. Under our plan, rates are reduced for lower-income and middle-class families. This bill also includes my amendment to double the child tax credit from $1,000 to $2,000 per child – a 100 percent increase over current law. Additionally, it includes my measure to make it easier for startups and businesses to give employees an ownership stake in their company’s success by awarding stock options. The Tax Cuts and Jobs Act also expands the medical expense deduction and repeals Obamacare’s individual mandate tax penalty, which will give a break to the tens of thousands of Nevadans who would otherwise be forced to pay the fine.
It is important to note that despite the plethora of misinformation out there, our bill does not touch Medicare. Rest assured that as a strong supporter of strengthening and preserving Medicare and Social Security, I’m committed to ensuring that our current and future seniors can access the health care and benefits that they’ve paid into.
The Tax Cuts and Jobs Act is a pro-growth package that will help boost jobs, increase wages, and drive growth in our local communities and I’m proud to have helped get it over the finish line. According to the Tax Foundation, the legislation will lead to a 1.7 percent increase in GDP over the long-term and 1.5 percent higher wages.
I know how important it is for Nevadans to be able to keep more of their paychecks, and rest assured that I will continue fighting for policies that put you first.