Reducing Burdensome Taxes
Most Americans are now feeling the impact of this tax law with bigger paychecks. The new federal withholding guidelines based on the law’s lower tax rates took effect in February, and the Treasury Department has estimated 90 percent of U.S. workers will now bring home more money rather than sending it to Uncle Sam.
In fact, according to the Tax Foundation, an average family making the median income in Mississippi could keep hundreds of dollars more this year thanks to these tax reforms.
On the business side, we’ve seen more than 500 companies using the tax savings to benefit employees, with about four million Americans slated to receive bonuses. I will work with President Trump to seek even more ways to reduce America’s tax burden and put money back into the pockets of those who actually create jobs and economic growth, rather than the government.