Illinois Congressman John Shimkus is praising the introduction of H.R. 1, the Tax Cuts and Jobs Act, which will bring much needed reforms to the tax code for the first time in more than 30 years. The Tax Cuts and Jobs Act would maintain the 39.6 percent top rate for high-income Americans, but lowers rates and simplifies tax brackets for low- and middle-income families. By nearly doubling the standard deduction, from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples, the bill will shield twice as much of an individual or family’s annual earnings from federal taxes.
