Heller on President's Move to Sign Tax Relief Bill Into Law: "Today is a Good Day for Nevadans and Americans Everywhere"

Press Release

U.S. Senator Dean Heller (R-NV), a member of the tax-writing Senate Finance Committee, today applauded President Trump for signing into law the Tax Cuts and Jobs Act. This legislation will provide critically important tax cuts to Nevada's middle-class families, boost job creation, and spur economic growth in our communities. It also eliminates Obamacare's individual mandate tax penalty, which will help the tens of thousands of Nevadans who would otherwise be forced to pay the fine.

According to the independent Tax Foundation, this legislation is expected to give a typical Nevada family of four a tax cut of approximately $2,200. Additionally, the non-partisan Joint Committee on Taxation recently confirmed that every income category of Nevada's roughly 1.4 million individual tax return filers will receive a tax cut.

"I applaud the President for acting swiftly to sign into law tax relief legislation that will take effect January 1, 2018 because Nevadans can't wait any longer for tax cuts," said Heller. "Americans are already feeling the positive impact of this bill given that immediately after its passage, several companies announced they plan to increase wages and give their employees bonuses. This bill will provide much-needed tax cuts to Nevada's middle-class families, and I encourage all Nevadans to compare your paychecks today to the ones you'll receive in February; they're going to be bigger because our bill allows you to keep more of your hard-earned money. This is particularly important at a time when nearly 8 in 10 Americans who work full-time are living paycheck to paycheck, Nevadans real median household income is down $7,000 from 10 years ago, and at a time when the cost of housing and childcare expenses continue to skyrocket."

The legislation includes an amendment that Heller filed with Sen. Tim Scott (R-SC) to increase the child tax credit to $2,000, or double it from current law. It also includes Heller's measure to make it easier for startups and businesses to give employees an ownership stake in their company's success by awarding stock options. Additionally, Heller was able to protect the tax exemption for stadium bonds, which is critical to preserving the influx of business and growth associated with the construction of the Raiders stadium in Las Vegas, NV.

Heller added, "Nevadans have been waiting for a break, and this is it. For example, this bill includes my provision to double the child tax credit from current law, reduces rates on lower-income and middle-class families, and provides relief to tens of thousands of Nevadans by eliminating Obamacare's individual mandate tax penalty. From bringing Secretary Mnuchin to Nevada to hear directly from my constituents to working closely with Ivanka Trump to increase the child tax credit, I've made sure that Nevadans voices were heard by the Administration and my colleagues as we worked with the White House to put together and pass the first tax relief package in more than 30 years. Today is a good day for Nevadans and Americans everywhere."

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