Tuesday, April 17, 2018

The White House - 1600 Daily: 5 ways the new tax code will be better

Official White House Photo by Andrea Hanks
First Lady Melania Trump visits the 
“Prescribed to Death” opioid memorial

Driving the Day

President Donald J. Trump will host Japanese Prime Minister Shinzo Abe in Florida today. The President has a strong personal relationship with Prime Minister Abe, and two topics will lead the discussion: preparation for U.S. talks with North Korea and America’s recent moves to fix trade deals.

5 ways the new tax code will be better

Today is the deadline to file 2017 Federal income taxes. It also marks the last time that taxpayers will have to deal with America’s old, broken tax code. Under the Tax Cuts and Jobs Act that President Trump signed in December, hardworking Americans will keep more of what they earn in 2018 and beyond. 

Five big changes stand out: 1) Lower tax rates for Americans
across the board; 2) a nearly doubled standard deduction; 3) a doubled child tax credit to help families, along with better saving options for education; 4) a simpler process to make filing taxes less of a headache; and 5) relief from the Affordable Care Act’s ineffective mandate. 

On the business side, tax reform is unleashing growth. Small business confidence surged to a record high following the passage of tax cuts, and it remains at historically high levels. Employers are ready to expand—good news for workers as the unemployment rate remains at a 17-year low of 4.1 percent.

President Trump’s tax cuts are generating greater economic opportunity for all. (SHARE THIS)
Watch: The President talks tax cuts with Hispanic-American business leaders in Florida

Restoring America’s legacy in space

Space exploration “is essential to the very character of America," Vice President Mike Pence told leaders at the 34th Space Symposium in Colorado Springs yesterday. “President Trump has been working to keep his promise to restore America’s proud legacy of leadership in space.” Space exploration is crucial for both national security and national prosperity, the Vice President said. 

He also announced the next chapter for America in space. The National Space Council, which the Vice President chairs, has developed the first thorough space traffic management policy. It will address a congested space environment of more than 1,500 active satellites—and thousands more inactive ones and spacecraft fragments. “A stable and orderly space environment is critical,” Vice President Pence said.

Watch the Vice President’s space announcement on Twitter.

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