CHARLESTON – West Virginians deserve to keep more of their hard-earned income. This is exactly what President Donald Trump and Republicans in Congress have planned for America.
I proudly support federal tax reform for the American middle class, and I will be pleased when it moves to the president’s desk to be signed into law.
Nationwide economic growth has been stalled in recent years, and nowhere has that been more apparent than here at home in the Mountain State. This is a once-in-a-generation opportunity for real reform, unleashing prosperity and job creation for forgotten America.
This means tax relief for both individuals struggling in our economy and small businesses fighting to compete with large corporations on narrow profit margins.
Both the House of Representatives and the United States Senate have passed tax reform plans reflecting what the Trump administration proposed, and as they work out the differences, I am confident the American taxpayer will win in the end.
Special exemptions, carve outs, and loopholes that major companies and the mega-rich leverage, while harming the working class, have been a thorn in the side of the American tax structure for decades. This is inexcusable. Taxation should be fair, the revenue used in a productive manner. This new reform plan does just that.
The standard deduction is nearly doubled under the proposed plans, giving much-needed relief to struggling Americans. Married taxpayers filing jointly and making below $24,000, or single filers making under $12,000, will owe nothing — zero dollars — in federal income taxes.
Both the House and Senate versions of the tax plan also reduce the corporate income tax rate from 35 percent (one of the highest in the developed world) down to just 20 percent (a competitive rate).
Why is this good? Shouldn’t corporations pay their fair share? Yes, absolutely. This is beneficial because it removes the incentive for corporations to position themselves overseas, thereby paying zero dollars in taxes and robbing Americans of much-needed work. These changes will help to spur economic growth here at home instead of pushing jobs overseas.
The Republican plan will bolster our economy and implement lower taxes for everyday Americans. It will bring back profits that multinational corporations hiding their wealth overseas, in addition to ending the export of good-paying jobs to other countries. No more loopholes for the super-rich.
Simple, fair, easy — tax reform that benefits West Virginians in a major way will be signed into law. Trump said it best: You will be able to mail the IRS and say, “I win,” after having your taxes lowered and the entire process simplified.
Congress passing this monumental tax reform will help every single West Virginian reach a better life, and ensure a better future for God’s great country.
Hamrick is a Republican in the House of Delegates representing District 48, which encompasses Harrison and part of Taylor County.