9:00 PM 04/14/2019 | Opinion
Hadley Heath Manning | Independent Women’s Forum
There’s an old saying that time is money; that’s the concept behind “Tax Freedom Day” which signals the portion of the year Americans work just to cover their federal and state tax bills. This year, Tax Freedom Day falls on Tuesday, April 16, the day right after taxes are due.
Without the Tax Cuts and Jobs Act of 2017, Tax Freedom Day would have been later. (It fell on April 21 last year, so it moved five days up this year.) This is a win for all the American families who get to keep more of their hard-earned dollars and work more for their own prosperity and less to fund the government.
We can build on the Tax Cuts and Jobs Act’s (TCJA) success and keep tax rates low in two ways: First, Congress should make the individual income tax cuts in the law permanent. Second, and more important, Congress should work to restrain spending.
The TCJA made several significant cuts to individual income taxes. Most notably: It doubled the standard deduction. It lowered rates for all tax brackets. It increased the Child Tax Credit from $1,000 to