‘Reducing Taxes For The Middle Class’

The Senate ‘Finance Committee Plan Cuts Tax Rates Across The Board’

‘Laser-Focused… On Reducing Taxes For The Middle Class’

SEN. ORRIN HATCH (R-UT): “[W]e have been laser-focused… on reducing taxes for the middle class. And that is exactly what this bill will do.” (Sen. Hatch, Press Release, 11/10/2017)

FINANCE COMMITTEE: “The Finance Committee plan cuts tax rates across the board. The proposal also repeals a number of tax credits and benefits that predominantly benefit wealthy taxpayers, so the slightly lower top rate will apply to a larger income base.

The bill also:

  • Nearly doubles the standard deduction from $6,350 to $12,000 for individuals, from $12,700 to $24,000 for married couples, from $9,350 to $18,000 for single parents.
  • Expands the child tax credit from $1,000 to $2,000 increases refundability, and allows many more parents to claim the credit by substantially lifting existing caps.

Combined, these reforms mean lower taxes and bigger paychecks for tens of millions of middle-class American families.” (“Charge And Response,” Senate Finance Committee, 11/21/2017)

JCT tables 11

(“Distribution Effects Of The ‘Tax Cuts And Jobs Act,’ As Ordered Reported By The Committee On Finance” Joint Committee On Taxation 11/24/2017)

Examples Of How The Senate Proposal Will Help American Families

“How the Senate proposal will help Americans: A family of four with income of around $73,000 (median family income) will see a tax cut of nearly $2,200.

“A single parent with one child earning $41,000 will see a tax cut of nearly $1,400.

“Married small business owners with income of $100,000… will see a tax cut of more than $2,850.


Related Issues: Middle Class, Jobs, Taxes, Economy, Tax Reform