This morning, ahead of the historic House vote on the Tax Cuts and Jobs Act, Speaker Ryan spoke with Fox & Friends about how this plan will deliver relief for middle income families. Watch the full interview here and check out excerpts below.
Speaker Ryan: “The point of this is to make the system fairer—fewer loopholes, level system and lower tax rates. Give middle income families a big tax cut. The median family—the median household in America—is going to get $1,182 tax cut. 78 percent of people are telling us in surveys they’re living paycheck to paycheck in this country. Another 57 percent of Americans are saying that they’re $500 away from desperation. So, look, this is a serious issue. . . . The analysis shows that the average taxpayer in every group does get a tax cut.”
Speaker Ryan: “If the person watching TV right now wants to do the math in their head. You got kids, your child tax credit goes from $1,000 to $1,600 per kid, that means anther $600 per child. Your first $24,000 are not going to be taxed. You’re getting lower tax rates across the board. And then on businesses . . . we’re dropping tax rates dramatically, we’re going from 35 percent to 20 percent on corporations. We’re going from over 40 percent, down as near as 25 percent for small businesses and for small, small businesses are going to get a 9 percent tax rate. And all of these business, every single one of them, get to deduct their expenses of their plant and equipment. If they want to invest in their people by buying more equipment and factories, they can write that off in year one. That’s never been done before like this, it’s going to be a huge job creator.”
ICYMI: At Speaker Ryan’s Tax Reform Town Hall on Fox News, he answered questions on how the Tax Cuts And Jobs Act will help you and your family.