TODAY’S BIG THING: HOW WOMEN BENEFIT FROM THE TAX CUTS & JOBS ACT 🙌🏻
The Tax Cuts & Jobs Act started out on an unpopular foot (but it didn’t stay that way). Defenders of the status quo touted the plan as a giveaway to the rich at the expense of the middle class. This couldn’t have been further from the truth, and now, the numbers are speaking for themselves:
You know who is among these beneficiaries? WOMEN.
Benefits for American workers are benefits for American women since they make up 47 percent of the U.S. workforce. Benefits for American businesses owners are benefits for American women considering the number of women-owned firms has grown 114 percent since 1997.
And that’s not all. Yes, tax reform is helping women in business, but it is also dedicated to relieving the burdens on American families.
The average family of four will see a tax cut of $2,059 under this law, meaning women (who are often the designated family budgeters) will feel a financial weight lifted.
This bill also doubles the standard deduction, meaning more money will be tax-free. For single people, that means the first $12,000 earned is protected from taxes. For married couples, that’s $24,000, up from the current $12,700.
For all those working moms out there (70 percent of mothers), this plan expands the Child Tax Credit from $1,000 to $2,000, which will help with the cost of child care.
And for those with non-child dependents (say, elderly parents or other family members who need care), there is an additional $500 non-refundable credit.
The Tax Cuts & Jobs Act preserves the Adoption Tax Credit which means a tax break for those mothers and fathers opening their hearts and homes to children.
It also expands 529 savings accounts so that parents are able to pay for education throughout a child’s life — from kindergarten through college.
Tax reform is working. Americans are benefitting. Despite the lies which initially sparked unpopularity with the Tax Cuts & Jobs Act, approval ratings are rising as more of you see the benefits of this historic legislation.