Tax reform
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act – the first major overhaul of the U.S. tax code in more than thirty years. This historic legislation delivers tax relief to American families and provides a modern, pro-growth tax code for American businesses and workers competing in the global marketplace.
Congressman Fred Upton supported the legislation and served as one of nine House lawmakers on the House-Senate Conference Committee, which worked to iron out differences between the House and Senate tax bills and deliver a final product.
Over the years, Fred heard countless stories from constituents impacted by an outdated, unwieldy tax code that had become a major drag on the economy and Michigan families. He had long supported efforts to advance pro-growth, pro-American tax reform and advocated for a simpler, smaller tax bill for the middle-class and a more competitive tax code for Michigan businesses.
The Tax Cuts & Jobs Act delivers on these goals. It lowers tax rates across the board and expands tax breaks claimed by most Americans to provide relief to individuals and families, and it modernizes the business-side of the tax code to create more jobs, increase paychecks, and spur investment in the U.S.
With this bill, the typical family of four in Michigan’s Sixth Congressional District earning the median family income of $76,661 will receive a tax cut of $2,168. And the U.S. Treasury reports that 90 percent of earners will see more take-home pay under the new law.
On the business side, crediting the tax bill, more than 400 companies across the country have announced investments in their employees and communities. In Michigan, companies have announced major investments in our state. For example Pfizer and Fiat Chrysler have both announced billion dollar investments to build their manufacturing presence in Michigan and the Midwest.
See how tax reform is helping Michigan HERE.
Please see below for more information:
News:
September 27, 2017: Upton Statement on Tax Reform
November 2, 2017: Upton: The Time for Middle-Class Tax Reform and Relief is Now
November 2, 2017: Upton Optimistic on Tax Reform Plan (WSJM)
November 3, 2017: Econ development officials join Upton in praising tax plan (Herald Palladium)
November 9, 2017: Rep Upton: Tax plan will make us 'more competitive with the rest of the world' (Michigan Radio)
November 14, 2017: VIDEO: Time for Tax Reform
November 14, 2017: Upton sits down with C-SPAN's "Washington Journal" to discuss middle-class tax reform (C-SPAN)
November 16, 2017: Upton Applauds Passage of Landmark Tax Reform Package
November 28, 2017: Upton meets with local business leaders to discuss national tax reform (WWMT Channel 3)
December 7, 2017: Upton Statement on Being Named to Tax Conference Committee
December 15, 2017: Upton Statement on Signing the Conference Report to the Tax Cuts and Jobs Act
December 19, 2017: Upton: Historic Tax Reform One Step Closer to Reality
February 5, 2018: Tax Cuts & Jobs Act benefits employees at Shelton's Farm Market
April 10, 2018: Upton Applauds Michigan Opportunity Zone Approval
April 12, 2018: Tax Cuts and Jobs Act leads to private investments targets across Michigan
June 1, 2018: GOP tax bill expected to spur economic investment in Kalamazoo County (MLive)
Op-eds and editorials:
Upton: 'Opportunity Zones' on their way
Upton: Economic progress, thanks to tax reform
Upton, Walberg, Huizenga, Moolenaar, Trott, Bishop, Bergman, and Mitchell in the Detroit News: Michigan deserves tax reform
Detroit News Editorial: Tax plan meets nation’s needs
Martin Feldstein in the Wall Street Journal: Corporate Tax Reform is the Key to Growth
An open letter to Congress signed by 137 economists supporting GOP tax reform bill
Chicago Tribune Editorial: This tax deal will make America more preosperous
Wall Street Journal: A Tax Reform for Growth
Additional resources:
The Tax Cuts & Jobs Act POLICY HIGHLIGHTS
The Tax Cuts & Jobs Act TIMELINE
