Rep. Poliquin Simplifies Tax Code for Average Maine Family,
Doubles the Standard Deduction, and Works to Save Mainers More of Their
Hard-Earned Money
House passes tax reform legislation
that doubles the standard deduction for the average Maine family, making
it easier for Mainers to benefit from the tax code
Today,
Congressman Bruce Poliquin (ME-02) released the following statement
after the House passed tax reform legislation that simplifies the tax
code for the average Maine family by doubling the standard deduction and
making it easier for Mainers to benefit from the tax code:
“I
agree with my colleague Senator Collins that this new law will
drastically simplify our tax code for the vast majority of Mainers and
save more money for more of our hardworking families,” said Congressman Poliquin.
“Under
this simpler tax code, we are doubling the standard deduction, meaning
the average married couple in Maine will not pay any federal income tax
for the first $24,000 they earn, a huge boost for our families. In
addition, this increases the child tax credit to $2,000, meaning the
average Maine family will save an additional $2,000 on their taxes per
child in their family. This makes it easier for ordinary Maine families
to benefit from the tax code.
“This improved tax code will also
greatly benefit the more than 140,000 small businesses and job creators
throughout Maine and their 275,000 employees by lowering the effective
rate for pass-throughs, of which almost all small businesses are
organized. It will allow small businesses in all industries to benefit
from it. We are giving our small businesses—the backbone of Maine’s
economy—relief so they can grow and create more jobs for our fellow
Mainers.”