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ICYMI: Middle-class families are the real winners in the GOP tax plan

- October 13, 2017

Middle-class families are the real winners in the GOP tax plan
The Hill
Alex Hendrie
October 13, 2017

"The unified Republican tax reform framework released last month cuts taxes and increases take-home pay for the middle class while simplifying the code for millions of American families.

"First, the framework consolidates the existing seven tax brackets into three — 12 percent, 25 percent, and 35 percent, giving rate reduction to all.

"In addition, the plan doubles the standard deduction to $24,000 for a family and $12,000 for individuals, meaning this amount is taxed at zero percent, a significant tax reduction for millions of Americans.

"This reform represents drastic rate reduction for the 105 million Americans across the country who took the standard deduction in 2015, according to IRS data. More than seven million taxpayers in Florida, nine million taxpayers in Texas, and three million in Michigan and North Carolina benefit from this tax reduction. These numbers also understate the number of taxpayers who will benefit as the increased standard deduction becomes more attractive for taxpayers.

"This is not the only reform in the framework that helps American families. The plan calls for expanding the child tax credit, benefiting more than 22 million families across the country that used this credit in 2015, including more than 500,000 families in New Jersey, 800,000 families in Ohio, and 2.7 million families in California.

"Similarly, the repeal of the AMT gives tax relief to almost 4.5 million American families that paid the tax in 2015. More than half a million taxpayers in New York, 250,000 taxpayers in Texas and 166,000 taxpayers in Pennsylvania are hit by the AMT.

"Clearly, there are millions of Americans that benefit from the Republican tax reform framework, even before considering other changes in the framework.


"By any measure, the middle class is the winner of this tax reform plan. Under the unified framework released last month, American families will see tax cuts, tax simplification, new or better jobs, and more take-home pay."

 

To read more, click here.

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