This week, the House will vote on The Tax Cuts and Jobs Act. This historic legislation will cut taxes on hardworking Americans, and deliver much needed relief to middle-income families. We know there’s a lot of information flying around out there, so here’s a list of the most important numbers you need to know:
$1,182: The tax cut typical American families will receive.
$4,000: The wage increase average Americans will receive.
100%: The amount of income levels that will receive a tax cut.
890,000: The amount of new, full-time jobs that will be created.
$24,000: The new, nearly-doubled standard deduction for joint filers.
$1,600: The new Child Tax Credit, up from $1,000 under the current tax code.
20%: The new corporate tax rate, down from 35% under the current tax code.
25%: The new tax rate on small businesses, most of whom currently file as individuals.
31: The amount of years since we last overhauled our tax code.
$1,000,000,000: The additional investment AT&T will make in the U.S. if tax reform is enacted.
90%: The number of Americans who will be able to file their taxes on a postcard-sized form.
4: The new number of tax brackets, down from 7 under the current tax code.
$500,000: The cap on the total principal on which new homeowners can write-off mortgage interest.
$10,000: The amount of state and local property taxes you can deduct.