Tax season is here, and this year that means good news for a change!
The Tax Cuts and Jobs Act passed by Congress means the vast majority of Coloradans will see more money in their pockets. This legislation gave our tax code a much-needed update, doubled the standard deduction (used by the majority of filers), increased the child tax credit to help working families, and lowered the tax burden on American businesses so they can hire and grow. The House Ways and Means Committee provided the following estimates* on how the Tax Cuts and Jobs Act will impact the 6th district:
If you are interested in learning more about the impacts of tax reform on your family, you may visit the nonpartisan Tax Foundation website and use their Tax Calculator for further estimates.**
As of 2/28/18, the Internal Revenue Service (IRS) released an updated withholding calculator, which can be accessed here.
As your voice in Congress, I am dedicated to working for solutions like the Tax Cuts and Jobs Act that help you keep more of the money you earn and help our economy grow. If you have any questions or feedback, please don’t hesitate to contact me.***
*Household income data comes from the Census’ American Community Survey. Tax calculations assume 2018 tax parameters. Tax calculations for a married household with two children uses the median household income associated with a four person household for the district. Tax calculations for a single filer uses the median household income for the district. For more information visit WaysAndMeans.gov/taxreform.
**The calculator in its current form includes most aspects of the federal individual income tax code except provisions related to business and self-employed income. The Tax Foundation’s tax calculator is intended as an illustrative tool for the estimation of the TCJA’s impact on example taxpayers. It does not fully represent all potential tax scenarios and liabilities, and should not be used for tax preparation purposes. This calculator is for educational use only.
***To learn more about the changes, view the new withholding tables and an IRS list of Frequently Asked Questions. Additionally, the IRS is expected to release its revised tax calculator later this month.