Today, the House took an historic step in providing middle-income families across America with real tax relief. Representative Peter Roskam (IL-06) joined his colleagues in voting "Aye" to pass the Tax Cuts and Jobs Act, 227-203. The bill moves to the Senate for a vote later today; the President is expected to sign the bill before lawmakers adjourn this session.
In a floor speech earlier today, Rep. Roskam urged his colleagues to join him in rejecting a broken system that has hurt so many families and to support real tax reform that will benefit hardworking taxpayers and small businesses across America. "It is the status quo that is serving the few; it is the status quo that is so off-putting and unsettling and keeps people at arm's length. And what we're proposing is something very different -- we're proposing the economics of opportunity, not the economics of envy," said Roskam in his speech.
Today, lawmakers voted for one of two realities: They either voted to maintain a broken tax code that hurts middle- and lower-income taxpayers for years, or they voted to take a transformational step to reject the status quo and ensure that taxpayers across every tax bracket receive significant relief. Rep. Roskam cast his vote today on the side of American taxpayers.
"Earlier this year, Democrats in Illinois were complicit in shoving through a massive state income tax hike that hurt middle-income families; Illinoisans in my district are longing for tax relief. This bill not only gives them the tax relief they deserve, but it also gives small business owners the relief they need to grow their businesses and create new jobs," says Roskam.
Tax Facts for Illinois' 6th District:
A family of four making the median income in IL-06 of $135,485 and taking the standard deduction would receive a savings of $4,673.
Every income bracket in the 6th district on average will receive a tax cut.
A recent college graduate in Crystal Lake, IL making $40,000 will save $757.
A young married couple in Naperville making $80,000 will save $1,514.
A married couple with their first child in Palatine making $90,000 will save $2,191. As a direct result of tax reform, an estimated 14,097 full-time jobs will be added in Illinois according to the Tax Foundation.
IL-06 Quick Facts
Fifty-one percent of constituents itemize, which will likely decrease given the nearly doubled standard deduction in this plan.
The average property tax deduction (for those who take it) is $8,914.
There are 30,074 individuals are subject to the Alternative Minimum Tax (AMT).
The majority of these people fall in the 200k-500k range and will be helped by the doubling of the AMT exemption.
The Child Tax Credit (CTC) is doubled for the 44,219 taxpayers in the 6th district that claim the Child Tax Credit, and many more families will now be able to claim the expanded credit as the income limitations were more than tripled.