Washington, DC (April 14, 2018) Congressman Steve Pearce will attend the LIBRE Initiative’s panel discussion today to discuss the benefits of tax reform in New Mexico and across the nation.
“Families and businesses in New Mexico are really starting to see the benefits of tax reform since the Tax Cuts and Jobs Act was passed and signed into law. To date, more than 4 million Americans have already received a tax cut bonus or a pay raise. That’s because businesses know our nation’s old and broken tax code is on its way out, and they want to pass on the relief they will receive to you, employees, and consumers. And we’re just getting started. The key to economic success in New Mexico and across the United States is adopting reforms that promote business investment and growth. This continued commitment will mean more opportunities for people to succeed.”
Tax reform provides needed tax relief for the 120,000 small businesses in New Mexico. Across the nation, over 400 corporations have raised wages, provided bonuses, and increased retirement contributions for their workers. The Tax Cuts and Jobs Act is designed to help more people at the bottom end of the spectrum, meaning a larger impact on low-wage states like New Mexico.
According to the nonpartisan Tax Policy Center, nearly two-thirds of households will receive tax cuts this year, with the average household getting a tax cut of $1,610. In New Mexico’s Second Congressional District, the average four-person household will receive a $1,721 tax cut. More than four million Americans have received bonuses and 9 in 10 Americans are seeing more money in their paychecks thanks to the new withholding tables.