Tomorrow, the House will take an historic vote on the Tax Cuts and Job Act. You’ve heard the numbers over and over again: An $1,182 tax cut for typical households, a $4,000 pay raise for workers, and nearly 900,000 new full-time jobs.
But now, the Chamber of Commerce, using estimates from the nonpartisan Tax Foundation, has a useful tool showing how tax reform will benefit each individual congressional district.
For example, in Wisconsin’s 1st District, which Speaker Ryan represents, 54,534 taxpayers who claim the Child Tax Credit will see that credit expanded from $1,000 today to $1,600 under our plan. Moreover, 38,510 taxpayers with small business income will benefit from our new, lower small business tax rates. And, thanks to nearly doubling the standard deduction, more of the 126,539 taxpayers in the 1st District who currently itemize will be able to file their taxes on a postcard-size form.
All told, middle-income Americans, who have been squeezed for too long under our current tax code, will finally get a break. That is why it’s so important we pass the Tax Cuts and Jobs Act in the House tomorrow.