Congressman Bob Latta stated, the time to simplify our outdated tax code is now. That’s why the 5th district legislator joined colleagues in the House of Representatives and voted to House Resolution 1. Under the bill, an average family of 4 making an annual income of $59,000 would receive a tax cut of $1,182. Latta says the bill would also create more than 33,00 full time jobs in Ohio. The new rate for small businesses is 25%, which the Congressman says will help companies grow, buy more equipment, and hire new employees. The Tax Cuts and Jobs Act nearly doubles the standard deduction, increasing the deduction for married couples from $12,700 to $24,000.
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