“Whether you’re raising a family, working overtime, earning tips or running a business, this law helps you keep more of what you earn, which is why I’m proud to have supported it.”
View Husted’s remarks here.
WASHINGTON – Sen. Jon Husted (R-Ohio) today recognized one year since the Senate passed the Working Families Tax Cuts Act. Husted cast the deciding vote to pass the legislation.
“Over the past year, I’ve heard from Ohio workers and business owners about how the Working Families Tax Cuts Act has helped them. John Lane, co-owner of the Winking Lizard Tavern in Avon, said roughly 900 of their employees have benefited from the law. Shaun Ekker, CFO of Ohio Gratings, said the law has helped the company create more jobs. Whether you’re raising a family, working overtime, earning tips or running a business, this law helps you keep more of what you earn, which is why I’m proud to have supported it,” said Husted.
The Working Families Tax Cuts Act put more money back into the pockets of hardworking Ohioans by including:
- No tax on tips: More than 6 million taxpayers have benefited, providing relief for service workers who depend on gratuity.
- No tax on overtime: More than 25 million taxpayers have claimed the provision, giving essential workers—factory workers, linemen, police officers, nurses, and more—a new break on their hard-earned extra hours.
- A permanent 20% tax deduction for small businesses: Delivering $4,600 in average relief to 8 million entrepreneurs.
- Enhanced deductions for seniors: More than 30 million seniors have claimed the provision.
- An increased child tax credit of $2,200: More than 34 million families have claimed the provision.
- A partially refundable adoption tax credit of up to $5,000.
- Prevented a tax hike that would have cost the average family of four earning $80,000 about $1,700 MORE in federal taxes.
This law also gave employers the certainty they needed to invest, expand and hire more Ohio workers by:
- Making the 20% small business deduction permanent.
- Allowing full expensing for machinery, research and development and new factories.
- Reducing taxes for more than 12 million small business owners by an average of $7,000.
- Expanding write-offs for interest costs.
- Creating better-paying jobs and supporting Made-in-America manufacturing.