WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) issued the following statement highlighting major wins for hardworking Americans in the Working Families Tax Cuts following tax season:
“As a result of the Working Families Tax Cuts, Wisconsinites are seeing the benefits of lower taxes. This year, the average taxpayer in Wisconsin will see a tax cut of $3,177. In addition, a family of four with two children earning up to $73,000 will owe $0 in federal income taxes.
“I was proud to support this legislation, which resulted in the largest tax cut in U.S. history. We also secured:
- No tax on tips: $25,000 deduction for tipped income.
- No tax on overtime: $12,500 deduction on overtime premium pay.
- No tax on Social Security: $6,000 bonus deduction for millions of seniors.
- Protects family farms from the death tax: permanently doubles the death tax exemption to ensure family farms can be passed to the next generation.
- Permanently increases the child tax credit: locks in the doubled credit and permanently raises it to $2,200 per child.
- No tax on auto loan interest: $10,000 deduction for interest on new cars made in the United States.
- Increases affordable lending for farmers and ranchers: creates a new tax benefit to reduce the borrowing costs for family farms.
- Trump Accounts: $1,000 deposit for all newborns into new savings accounts to support their future.
- Supports small businesses: makes the 20% small business deduction permanent.
“These reforms put more money back in the pockets of working families, farmers, seniors, and small businesses across Wisconsin. I will continue fighting for policies that lower costs and grow our economy.”
