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money money money money ...in your pocket

Michael Ahrens - November 2, 2017

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.

WATCH

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


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