As a father of six, I understand the importance of every dollar in raising a family. That is why I supported tax reform that will let hardworking Michigan families keep more of their own money.
The tax reform legislation, which became law in 2017, represents the first major overhaul of our tax code in more than 30 years. The new law doubled the standard deduction and lowered tax rates across the board. It also doubled the child tax credit to $2,000 and maintained deductions for medical expenses, charitable giving, mortgage interest payments, adoption expenses, and student loan deductions.
Tax reform will also stimulate the economy by giving family owned small businesses a tax break. The new tax rates will take affect when residents pay their 2018 taxes in 2019, but Michigan workers are already seeing benefits. Many employers have given their employees bonuses and pay raises, and utility companies have announced plans to pass on the savings in the form of lower rates for customers. Tax reform is letting Michigan families keep more of their own money and that is always a good thing.