American Families Seeing Tax Cuts and Credits Thanks to Tax Reform
'Thanks to the efforts of Senator Heller and others in committee, tax reform doubled the child tax credit and extended it to more middle-class families. When they file their taxes next year, families will be able to take $2,000 off their tax bill for every qualifying child.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the benefits Americans across the country continue to see from tax reform:
“This afternoon, President Trump will visit a Boeing production facility in St. Louis, Missouri. He’ll hear from local business leaders about how tax reform is giving them room to invest more and hire more. Missouri’s senior senator tried to block tax reform on a party-line vote. Fortunately, their Republican senator voted to let them realize this prosperity.
“For months now, the headlines have been filled with businesses large and small using tax reform to give workers bonuses, pay raises, and new benefits. But raises and bonuses aren’t the only ways tax reform will help hardworking families.
“Thanks to the efforts of Senator Heller and others in committee, tax reform doubled the child tax credit and extended it to more middle-class families. When they file their taxes next year, families will be able to take $2,000 off their tax bill for every qualifying child.
“My friend the Democratic Leader said repeatedly that tax reform would do nothing to help American workers. The Democratic Leader in the House said the law would bring about, quote, ‘Armageddon.’ Well, I’m not sure where they get their predictions. But I don’t think they’ll carry much water with middle-class families in Missouri, or Indiana, or West Virginia, or certainly in my home state of Kentucky.
“For brand-new parents facing one expense after another, that $2,000 credit will more than cover the cost of a brand-new washer and dryer set, or a new refrigerator. For a middle-class family of four, the credit is $4,000. That more than covers the standard down-payment on a used car, priced at the national average. Or it could kick off a college savings fund. Just ‘crumbs’? Really? Maybe adding thousands of dollars to family budgets looks like ‘crumbs’ in New York or San Francisco. But to most Americans, around most kitchen tables? That’s real money.
“So is the adoption tax credit, which keeps the IRS’s hands off more of the hard-earned money that adoptive families need to cover expenses. Last autumn, I met a wonderful family from Franklin, Kentucky who adopted their son from Ethiopia in the face of many hurdles and difficulties. His mother wrote my office. She told me, quote, ‘our sweet boy is worth every dime and tear.’ But they were counting on that tax credit.
“So were many other families. Republicans made sure this credit was preserved. Here’s how that Kentucky mother described the impact. Quote: ‘The tax credit we will receive…has allowed us to pay off the last remaining debt we owed. Such a weight lifted off our shoulders!’
“New pro-family tax cuts. New pro-family tax credits. All while protecting existing pro-family provisions that Americans rely on. That’s what every Democrat voted against. But fortunately, it’s what every Senate Republican voted for. So the American people won in the end.”
Related Issues: Economy, Taxes, Middle Class