TEXARKANA MAGAZINE
KEEPING MORE IN YOUR STOCKING, INSTEAD OF WASHINGTON BY NATHANIEL MORAN, UNITED STATES REPRESENTATIVE, TEXAS FIRST CONGRESSIONAL DISTRICT
T his Christmas season, families across East Texas have something extra to be thankful for. Because of the Working Families Tax Cut, signed into law this year, hardworking Texans will not face the painful, historically high tax hikes that were scheduled to hit on January 1. Instead, families will keep more of their paychecks—money that can go toward saving for retirement, donations to local churches and charities, or perhaps a holiday meal with family and friends, and buying that special gift for Christmas to light up the eyes of a child. In a season defined by generosity, this bill ensures that the government takes less so that families can do more. For the average family of four in Bowie County, this bill translates to more than $2,000 in tax relief annually, according to the Tax Foundation. That is six weeks
of groceries, or the difference between a strained holiday and one where parents can say “yes” a little more often to their kids’ Christmas lists. It is also peace of mind, knowing that at a time when the cost of living keeps climbing, representatives have taken action to protect the family budget instead of draining it. The Working Families Tax Cut protects and extends key provisions of the Trump tax cuts that were set to expire. Without this law, 93% of East Texas taxpayers would have seen their standard deduction slashed in half, and tens of thousands of families would have lost half of their Child Tax Credit. Instead, these protections remain in place, keeping tax rates lower, deductions higher, and the Child Tax Credit strong for the moms and dads raising the next generation.
The benefits go beyond household budgets. East Texas is powered by small businesses, and this bill ensures that they, too, are protected. Thousands of small businesses in our region were at risk of seeing their tax rates skyrocket to over 43% if relief had not been extended. Thanks to the Working Families Tax Cut, these businesses can continue to hire workers, invest in growth, and keep their doors open. And for family-owned farms, a bedrock of life in East Texas, the bill protects against the devastating impact of the “death tax.” Without this protection, many families would have seen their estate tax exemption slashed in half, forcing them to sell land or equipment just to pay Uncle Sam. By preventing that, this law preserves not only family legacies but the future of rural communities across our region.
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BUSINESS & POLITICS
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