Rep. Poliquin Simplifies Tax Code for Average Maine Family,
Doubles the Standard Deduction, and Works to Save Mainers More of Their
House passes tax reform legislation that doubles the standard deduction for the average Maine family, making it easier for Mainers to benefit from the tax code
Today, Congressman Bruce Poliquin (ME-02) released the following statement after the House passed tax reform legislation that simplifies the tax code for the average Maine family by doubling the standard deduction and making it easier for Mainers to benefit from the tax code:
“I agree with my colleague Senator Collins that this new law will drastically simplify our tax code for the vast majority of Mainers and save more money for more of our hardworking families,” said Congressman Poliquin.
“Under this simpler tax code, we are doubling the standard deduction, meaning the average married couple in Maine will not pay any federal income tax for the first $24,000 they earn, a huge boost for our families. In addition, this increases the child tax credit to $2,000, meaning the average Maine family will save an additional $2,000 on their taxes per child in their family. This makes it easier for ordinary Maine families to benefit from the tax code.
“This improved tax code will also greatly benefit the more than 140,000 small businesses and job creators throughout Maine and their 275,000 employees by lowering the effective rate for pass-throughs, of which almost all small businesses are organized. It will allow small businesses in all industries to benefit from it. We are giving our small businesses—the backbone of Maine’s economy—relief so they can grow and create more jobs for our fellow Mainers.”