Yakym Marks One-Year Anniversary of Working Families Tax Cuts, Largest Tax Cut in American History

WASHINGTON, D.C. – Today, Rep. Rudy Yakym (R-IN-02) recognized one year since the Working Families Tax Cuts became law, the largest tax cut in American history for hardworking families.

“As a member of the Ways and Means Committee, I had a front-row seat to building this bill. My job, every step of the way, was making sure Hoosiers weren’t an afterthought,” Rep. Yakym said. “When I’m out at the grocery store, walking a factory floor in Nappanee, or shaking hands after church, people stop me and tell me their refund was bigger this year, that they caught up on a bill, that they finally had a little left over. These aren’t data points. These are Hoosiers doing everything they can to provide for their families, and they deserve to feel the relief.” 

The Working Families Tax Cuts Act put more money back into the pockets of hardworking Hoosiers by including:

• Prevented the largest tax hike in American history: By making the 2017 tax cuts permanent and locking in the doubled standard deduction, a family of four now pays zero federal income tax on their first $35,900 of earnings.

• No tax on tips: Providing relief for service workers who depend on gratuity. No tax on overtime: More than 25 million workers nationwide have claimed the provision, giving factory workers, linemen, police officers, nurses, and more a new break on their hard-earned extra hours.

• A $2,220 Child Tax Credit: More than 34 million families have claimed the provision.

• A bigger refund: The average tax refund is up 11% this year. 97% of filers got a tax cut, and 96% of those filers earn under $200,000.

This law also gave Indiana manufacturers the certainty they needed to invest, expand, and hire by:

• Allowing immediate expensing for research and development.

• Allowing full expensing for new capital investments.

• Allowing full expensing for the construction of new factories.

• Delivering more tax relief to the manufacturing industry than any other sector, according to the Tax Foundation.

###