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March 18, 2018

Friends,

Every year there are certain things we can count on when spring starts to roll around. People head outside to enjoy the warmer weather, family rivalries are put to the test as we cheer on our favorite North Carolina teams during March Madness, and, of course, Tax Day looms right around the corner.
 
Only this year, Tax Day doesnít seem as frightening. Thatís because this year, middle class families across the country and right here at home are reaping the benefits of President Donald Trumpís tax reform package. Unfortunately, that hasnít stopped the accusations from flying that these cuts were targeted only for the rich or that the average person isnít seeing any real benefit.
 
That is just plain false, and let me tell you why.
 
As a direct result of our tax cuts, more than 6 million workers have already received bonuses, raises, or better benefits. Because we doubled the standard deduction and lowered tax rates, 90% of Americans are seeing bigger paychecks. The increased Child Tax Credit allows parents to get $2,000 per child Ė double the tax credit from 2017. And our new opportunity zones are helping to boost rural areas Ė while more money and jobs are coming back to our country.
 
Have you seen the benefits? For a newlywed couple in Fayetteville earning $61,000 or less, you wonít pay a cent in federal income tax. And a typical family of four in Concord earning the median annual income of $73,000 will see a tax cut of almost $2,100. According to the IRS, tax refunds are up from where they were this time last year by 1.3 percent.
 
How would that extra money help your family?
 
Maybe it would help cover your familyís phone bill, or help you save for your childís future education, or pay off credit card debt. Maybe you want to put more in savings for a rainy day or go on that long over-due family vacation. Itís your money and I believe it should be in your pocket Ė not Uncle Samís.
 
Still there are those who condemn these tax cuts and point out that the smaller refunds some individuals received were evidence of some grand scheme to hurt the middle class. But letís break that down for a second.
 
As we all know, the refund you receive from the IRS after filing your taxes is the amount you overpaid during the year. If you were an early filer and saw a smaller refund or owed money, it's likely because you received your tax savings in each paycheck during the year. Simply put: lower taxes = lower withholdings = lower refunds. The proof is in the puddiní and the fact is that many people saw greater returns every month not just one time.
 
Have you filed your taxes yet?
 
If you havenít, the good news is you still have a month to get it done before the April 15th deadline. Iíd encourage you to not wait and to get it done early if you can. Then let me know what the benefits of tax reform mean to you. While tax reform did a good job of helping some, I know we still have more work to do. Thatís why Iím continuing to work to fight poverty, expand career and technical education, and create a brighter future for all Americans. 

Until next week,

Richard Hudson

Member of Congress (NC-08)




 


 



 


 


 




 



 




 





 

 



 








 



 



 


 



 




 




 



 








 





 





 

 



 




 

 



 



 

 





 

 








 



 

 

 

 

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