U.S. Senator Cindy Hyde-Smith (R-Miss.) today said she will work with her colleagues to ensure Mississippians benefit from the Tax Cuts and Jobs Act that will go into effect with the 2018 tax year.
Tuesday marks “Tax Day,” the last day that American taxpayers will file their taxes under the old system. A new federal tax code, created by the historic Tax Cuts and Jobs Act, lowered federal tax rates for individuals, doubled the standard deduction, and expanded the child tax credit.
“The Tax Cuts and Jobs Act is a strong start to help Mississippi families keep more of their hard-earned money and to help small businesses create jobs. This law is already making a difference for thousands of Mississippians and our overall economy,” Hyde-Smith said. “There is more Congress can do to work with President Trump to reduce burdensome regulations and improve our economy. I will support such initiatives.”
In addition to reforming the federal tax code, the Tax Cuts and Jobs Act includes a series of business initiatives to support small business and encourage job creation.
For instance, “Investing in Opportunity” provisions will help develop new businesses, support existing ones, and encourage entrepreneurs in distressed rural and urban communities. The U.S. Department of the Treasury and the Internal Revenue Service on April 9 announced the first round of Opportunity Zones Designations in 18 states, including scores of communities in Mississippi.
The law also eliminated the Obamacare individual mandate and associated penalties, and authorized the first-ever nationwide paid family leave policy to offer more flexibility for families to meet their different needs.
Senator Cindy Hyde-Smith Press Release