The big and bold change West Virginia needs

The big and bold change West Virginia needs

By Senator Shelley Moore Capito (R-W.Va.)

Whether I’m at a roundtable discussion or the grocery store, so many West Virginians have shared with me what tax reform would mean for them and their families.

After more than three decades of dealing with an outdated and complicated tax code, Congress finally delivered this long overdue reform that will modernize our tax code and make West Virginia – and America – more competitive.

Tax reform is a win for all West Virginians. It will power economic growth and create opportunity for American workers. It will lead to increased wages. It will help our small businesses compete, thrive and expand.

Most importantly, the biggest winners of all are the middle-income families and workers who will now be able to keep more of their money and decide how to spend it.

Throughout this entire process, helping hard-working West Virginians has remained one of my primary goals. We want working families to have more in their pockets to buy school supplies or a new pair of shoes, to take a trip or save for college.

Now that Congress has passed tax reform legislation and President Trump has signed it into law, these aren’t just ideas—they’re realities.

Here’s how tax reform will help West Virginians:

First, it doubles the Child Tax Credit from $1,000 to $2,000 per child. This will provide a real benefit to working families.

Second, it significantly increases the standard deduction, which is already used by 83 percent of West Virginia taxpayers. Under the bill, the standard deduction will be $12,000 for individuals and $24,000 for married couples – a significant “zero tax bracket” for this portion of income. A larger standard deduction will also lead to fewer people itemizing, making filing taxes easier for more people.

Third, overall tax rates will be lower.

For these reasons, taxpayers in every wage category will pay less.

Finally, families will benefit from the economic growth that tax reform will bring our country.

Small businesses, which employ more than half of our state’s private sector workforce, will receive significant tax relief under the bill allowing them to expand and provide more opportunities for West Virginia workers.

Additionally, more than $2 trillion in profits earned by American companies is kept offshore because of the flaws in our current tax system. By lowering the corporate tax rate and shifting to a fairer and more competitive system, we can allow these dollars to return to our country, which will lead to new job opportunities and higher wages. This is game-changing for families across our state.

As I’ve said throughout the tax reform process, this is a significant moment for our country. This tax reform legislation is exactly the kind of big and bold change West Virginia needs to boost our economy. This historic tax reform represents a new direction for our state and our country—one that provides hope, prosperity and a chance to really turn things around for West Virginians like you.
The big and bold change West Virginia needs

By Senator Shelley Moore Capito (R-W.Va.)