The last time the tax code was overhauled, the Bears had just won the Super Bowl! We’ve spent the last 30 years with a bloated tax code full of special interest carve outs that added complexity but benefited very few.
Since Peter joined the Ways & Means Committee in 2009 he has been working tirelessly to rewrite the tax code, and in 2017 he helped author and pass the Tax Cuts and Jobs Act. As both the Chairman of the Tax Policy Subcommittee and a member of the bicameral conference committee, Peter played a key role in advancing the legislation.
Our goals for this overhaul were simple – put more money back in American families’ paychecks and get our stagnant economy growing again to create new jobs. This law accomplishes both. A family of four making the median income for IL-06 of $135,485 and taking the standard deduction will see a tax cut of $4,673. In fact the average family in every income bracket in IL-06 will see a tax cut. Additionally this law cuts taxes for small businesses, allowing for a 20% deduction in taxable income for main street businesses, with guardrails in place to ensure that this benefit is used fairly. Finally this bill encourages companies to move operations and jobs back to the United States by lowering what was the highest corporate tax rate in the world and ending an antiquated taxation system that punished global companies that chose to headquarter in the United States.
Throughout this process Peter fought to preserve key provisions of the tax code such as the state and local tax deductions, the charitable deduction, and he even had his own bill, Stop Taxing Death and Disability, included in the law. This provision ensures that in the tragic event of a student passing away, their grieving family is not hit with a tax bill as a result of the deceased’s forgiven student loans.
This law is a win for the middle class and a win for the Sixth District of Illinois. Peter is proud to have played a key role in its success.