President Donald J. Trump's Tax Cuts Are Helping American Families Get Ahead | Eastern NC Now

Press Release:

    "It is the biggest tax cut and reform in American history. And at the heart of our plan is tremendous relief for working families and for small businesses."  -  President Donald J. Trump

    LENDING PARENTS A HELPING HAND: President Donald J. Trump's tax cuts are helping parents with the costs of raising a family.

            •  The Tax Cuts and Jobs Act (TCJA) increased and improved the Child Tax Credit to help parents as they raise a family.

            •  The Child Tax Credit was doubled from $1,000 to $2,000 per qualifying child, providing a financial boost to American families.

            •  The TCJA expanded eligibility for the Child Tax Credit, allowing more families to benefit.

            •  The refundable portion of the Child Tax Credit was increased to help middle and lower income families.

                  •  The refundable portion of the Child Tax Credit was increased from $1,000 to $1,400.

                  •  This change helps families who do not have enough income tax liability to offset the full amount of the credit

    HELPING FAMILIES' BOTTOM LINE: The Tax Cuts and Jobs Act kept in place or expanded a number of provisions aimed at helping American families' finances.

            •  The TCJA maintained key tax benefits that help American families, including:

                  •  The Adoption Tax Credit that helps Americans who have the joy of adopting a child into their hearts and their homes.

                  •  The Child and Dependent Care Credit that helps families with the costs of child care and care for older dependents.

                  •  The Earned Income Tax Credit that helps lower-income Americans working to build a better life for themselves and their families.

                  •  Popular retirement savings options, such as 401(k)s and Individual Retirement Accounts, that help Americans save for their future.

            •  American families benefited from an expanded medical expense deduction in tax years 2017 and 2018.

            •  Thanks to the TCJA, families are seeing lower utility bills, in addition to lower tax bills.

                  •  At least 100 utility companies across the country have announced plans to lower rates for their customers due to the law.

    INVESTING IN OUR CHILDREN'S FUTURE: The Tax Cuts and Jobs Act included reforms to help give parents more financial flexibility to send their children to the schools of their choice.

            •  Thanks to the TCJA, parents have a new way of saving for their children's primary and secondary educations.

            •  The TCJA expanded the types of qualified expenses for 529 Savings Accounts to allow parents to use the accounts to pay for their child's education at primary and secondary schools.

            •  Under the law, up to $10,000 can be used annually from a 529 Savings Account to pay for tuition.

            •  By using these accounts, parents will be able to save to help ensure their children receive the best quality education possible.

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• Contact: White House
•     Press Office