Senate Introduces Legislation To Simplify Taxes

The U.S Senate introduced legislation yesterday to simplify the tax code in the United States, to help provide tax relief to the American people. According to a summary of the bill from the Senate Committee on Finance, “The Tax Cuts and Jobs Act” provides responsible middle-class tax relief by cutting tax rates across the board, reducing the tax burden on American job creators and modernizing our tax system. The summary claims that under this proposal, a typical family of four earning an average income of $73,000, will see their taxes cut by nearly $1,500 a year. According to Senator Cory Gardner, lower taxes will mean bigger paychecks for Coloradans, and will allow them to keeping more of their hard earned dollars. It has been more than 30 years since congress has passed any meaningful tax reform legislation. Gardner says he is excited for the opportunity to bring tax relief to Colorado, and that he looks foreword to working within the Senate to improve this legislation in the days ahead. A link to the Senate’s summary of the tax legislation is available here.

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