Tax Day Marks a Supercharged Filing Season

Washington, D.C.— As tax filing season comes to an end for most filers, working families are seeing historic tax relief thanks to the Working Families Tax Cuts enacted under Republican leadership. The legislation prevented the largest tax hike in history, locked in low tax rates for individuals of all incomes and provided significant new tax relief like no tax on overtime, tips or car loan interest and tax relief for seniors. Now, millions of working and middle-class Americans are seeing how Republican tax policies have delivered more money in their pockets. “While millions of families will benefit from larger refunds this year, the good news does not stop there. The Working Families Tax Cuts’ permanent pro-growth provisions give job creators an ideal environment to expand and create more and better-paying jobs in communities across the country,” said Crapo . “This year’s filing season may be ending, but Idahoans and all taxpayers will continue benefitting from these policies for years to come.” According to recent data : Over 53 million people— almost half of all filers —have taken advantage of no tax on overtime , tips or car loan interest and the enhanced senior deduction No Tax on Overtime : More than 25 million , with an average deduction of over $3,100 No Tax on Tips : Over 6 million , with an average deduction of over $7,100 No Tax on American-Made Car Loan Interest : Over 1 million , with an average deduction of over $1,800 Seniors Deduction : More than 30 million , with an average deduction of over $7,500 Average refund of over $3,400 , an 11 percent increase compared to last year Roughly $274 billion in total refunds, tens of billions more than last year Nearly 5 million children have been signed up for Trump Accounts , with 1.2 million children qualifying for an initial $1,000 contribution The Working Families Tax Cuts also restored and made permanent critical pro-growth tax provisions that are increasing domestic investment and boosting economic growth. Increased confidence for more than 25 million small businesses due to a permanent 20 percent deduction The deduction is expected to create 1.2 million jobs annually and add $750 billion over the next decade to small business GDP Permanent 100 percent expensing for machinery and equipment, fueling business expansion 100 percent expensing for near-term investments in factories so more products are ‘Made in America’ Permanent immediate deductibility for domestic R&D expenses, encouraging investment in innovation Permanently doubled the death tax exemption , sparing family farms and small businesses from costly planning and tax burdens that make it difficult to pass down their operations to the next generation Click HERE to learn more about the tax benefits in the Working Families Tax Cuts. Click HERE to learn more about the Finance Committee provisions in the Working Families Tax Cuts. ###