Walker in Greensboro News and Record: The Tax Cuts and Jobs Act Provides Hope for the Future
GREENSBORO, N.C. – U.S. Representative Mark Walker (R-N.C.) today penned an op-ed for the Greensboro News and Record outlining what the passage of the Tax Cuts and Jobs Act means for the families and business of North Carolina.
"As early as February, the Internal Revenue Service will make changes to your federal income tax withholdings, meaning in just weeks you will see more money in your pocket," Walker wrote. "This is great news for North Carolina families; however, it’s far bigger than just a pay raise. For many in our community, it’s a lifeline and a sign of hope for the future."
Read the op-ed in its entirety here and below:
Tax law provides hope for future
Greensboro News and Record
By: Mark Walker
January 6, 2018
Last month, the Tax Cuts and Jobs Act passed in Congress and was signed into law by President Trump.
What does that mean for you and your family? Growth in your paycheck for the first time in decades.
As early as February, the Internal Revenue Service will make changes to your federal income tax withholdings, meaning in just weeks you will see more money in your pocket. This is great news for North Carolina families; however, it’s far bigger than just a pay raise. For many in our community, it’s a lifeline and a sign of hope for the future.
Under the status quo, 78 percent of full-time workers say they live paycheck to paycheck. I get it. Growing up in a lower-income family, we moved from one house rental to another as my parents worked to make ends meet. For two decades, my wife, Kelly, and I raised three children on a modest income. Though we were thankful for God’s blessings, we knew the stresses of tough financial decisions.
Many others are struggling to an even greater extent, which is why families are at the heart of our tax plan. The doubling of the standard deduction is a move that adds $11,000 of untaxable income to North Carolina families’ take-home pay.
We also expand the 529 education-savings program to include K-12 expenses, giving parents more flexibility to save and spend on their children’s education — an essential rung on the ladder to prosperity. Additionally, this tax overhaul means the Child Tax Credit is doubled to $2,000 to help parents with the cost of raising children.
This historic tax reform will ease the cost of living for low- and middle-income families, allowing them to keep more of their money, save for the future and raise their children. For instance, it gives a typical family of four earning $73,000 a year a nearly 58 percent reduction in their tax bill.
North Carolina has 600,000 children living in low-income, single-parent households. The tax law represents a nearly 73 percent tax reduction for their single mother or father struggling to get by, and it helps provide them with opportunities so they can meet their full God-given potential.
More than just a boon to families in our community, I am confident this is the ticket to a healthy economy — not the languid, lethargic economy we have grown used to since the mid-2000s.
As we look to attract business and economic growth to our ready workforce and fledgling megasites, I strongly believe this tax-reform bill, paired with reforms out of Raleigh, will make a strong case that our community is open for business and ready to grow.
That means more jobs and more opportunity for upward mobility.