From the Jerry Evans for Congress Campaign:
Jerry Evans – Small Business and Middle Class Tax Cuts
“As a small business owner, I understand the burdens that the current tax rates have on the ability to turn a profit, which is why I’m announcing my tax agenda to implement within President Trump’s tax cut 2.0 agenda.”
Lower the Middle Class Tax Bracket: We need additional tax cuts for the middle class. I would introduce legislation that lowers the middle class tax bracket to 15 percent. Under the current system, middle class taxpayers who make between $39,476 and $84,200 pay a federal tax rate of 22 percent. By lowering the middle class tax bracket to 15 percent, taxpayers who make $84,000 a year will see a decrease in their federal taxes of $5,880 a year. A 15 percent tax rate would give many middle class Americans nearly an additional $500 in monthly income. Additionally, I’d apply the same 15 percent tax rate for middle class joint-filing taxpayers.
Increase the State and Local Tax Deduction: Under JB Pritzker and Mike Madigan, Illinois has become one of the highest taxed states in the nation. For this reason, I would increase the state and local tax (SALT) deduction cap by $2,500, which would bring the cap to $12,500. While this increase is marginal, I believe this change can be accomplished with bipartisan support in order to grant relief to middle class taxpayers.
Make the 2017 Tax Cuts for Families Permanent: One significant issue with the Tax Cuts and Jobs Act is that the tax cuts which benefit individuals and families expire by 2025. Several important cuts are set to expire: the $2,000 child tax credit, home interest deductions, increased standard deductions, and itemized medical expense deductions. While Democrats want to increase taxes that throttle our economy, I strongly support the permanency of these deductions that grant longstanding benefits for families.
Tax Cuts for Small Business: In 2017 President Trump reduced the business tax rate to 21 percent. I’d like to take a step forward for small businesses, LLC’s, and C Corps that operate under $1,750,000 in gross income, by introducing a 17 percent tax rate. The current tax rate of 21 percent is a flat rate for all corporations, but I believe we must do better for small businesses.
Balance the Federal Budget: The current Congress has put a lock on President Trump’s goal to balance the Federal budget and lower the deficit. As a businessman, I understand that we cannot keep running our country with a deficit. There are zero functioning businesses in American that operate at a loss year in and year out and the Federal budget must be balanced. My experience as a businessman gives me the practical understanding needed to fix our debt crisis and I would support a constitutional amendment that mandates Congress pass a balanced budget.