Americans for Prosperity-Ohio Releases Letter in Support of TCJA Alongside Over Forty Grassroots Organizations
COLUMBUS, OH – Today, Americans for Prosperity-Ohio (AFP-OH), alongside dozens of Ohio grassroots organizations, released a letter expressing strong support for the 2017 Trump Tax Cuts and Jobs Act (TCJA) and urging Ohio legislators to take immediate action to make its provisions permanent.
In the letter, the organizations highlighted three key provisions of the TCJA that have significantly benefitted Ohio communities:
Reduction in Individual Tax Rates: The Trump TCJA lowered tax rates across the board, allowing Ohioans to keep more of their hard-earned money. This reduction has provided much-needed relief to middle-class families and has stimulated consumer spending and economic growth.
Expansion of the Standard Deduction: By nearly doubling the standard deduction, the Trump TCJA simplified the tax filing process and increased the amount of income exempt from federal taxes. This change has particularly benefited low- and middle-income households, making it easier for them to save and invest in their futures.
Slashing the Cost of Starting and Expanding Small Businesses: The Trump TCJA made it significantly easier for small businesses to invest in their growth and operations by allowing immediate 100% bonus depreciation on new equipment and essential assets, raising the deduction limit from $500,000 to $1 million, and broadening eligibility for tax write-offs to include improvements to nonresidential real property such as roofs, HVAC systems, and security systems.
Donovan O’Neil, AFP-OH State Director, released the following statement:
“If the Trump TCJA expires, Ohioans will see their tax bills increase by over $2,000, and businesses will face an average tax increase of over $800. These changes will impact over 4 million Ohioans who work in traditional C-Corps or pass-through entities.
“We believe that making the TCJA permanent will continue to provide stability and confidence for Ohio’s working families and businesses.
“It is imperative that legislators promptly take action to ensure that these provisions remain in place for the long term, and we thank all legislators for their time and consideration while reviewing the TCJA and its benefits for all Ohioans.”
