Today Republicans took an important step in delivering on our promise to overhaul the tax code for the first time in three decades. Under the Republican plan, a typical middle-class family of four earning $59,000 will receive a $1,182 tax cut. You can find more of the policy specifics here, as well as a quick visual presentation below.
By the numbers…
- $1,182. The typical middle income family of four earning $59k will get $1,182 tax cut.
- $12,000 & $24,000. The standard deduction would be expanded from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples.
- $1,600. A new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600 to help parents with the cost of raising children, and providing a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.
And here’s what they’re saying…
NBC News: GOP Unveils Massive Tax Cut Plan
CNBC: Tax reform bill could be a huge boon for start-up employees
Washington Examiner: GOP unveils bill to end 'America's broken tax code’
ABC News: House Republicans release tax reform bill seeking to simplify code, lower corporate rate
The New York Times: Republican Plan Delivers Permanent Corporate Tax Cut
Budget and Spending Taxes