On Monday, Congressman Adrian Smith met with community members and discussed Tax Reform 2.0 and other issues at the Weborg 21 Centre in Gering.
The second round of tax reform, follows the Tax Cuts and Jobs Act passed in December of 2017, which has led to bonuses, higher wages and better pensions according to Smith.
“We’ve worked very hard on the Ways and Means Committee to tailor this tax reform bill so, as close to everyone as possible can benefit,” Smith said.
Some of the temporary tax reforms include; doubled child tax credit, credit of up to $500 for dependents who are not qualifying children, and lower income threshold for itemized medical expense deductions, which will end this year. Also included are some not so popular parts, like the elimination of personal and dependent exemption deductions, limitations on itemized deductions for home mortgage interest, and limitation on itemized deductions for state and local income and property taxes.
Smith also discussed his JOBS for Success Act, a bill to reform some of the federal programs.
“We want to target monies to those folks most in need,” he said. “And to also focus on their own self sufficiency.”
The act would require states to address the needs of both men and women with the aim of helping those receiving assistance to get jobs. Money would be provided for job training as well as childcare to help the poor access jobs. States would be held accountable for how they spend the money.