Today, the House-Senate conference committee will hold a public meeting on the Tax Cuts and Jobs Act. As we get close to the finish line, the need to pass this legislation is more urgent than ever.
People and families are struggling. Many are living paycheck-to-paycheck. In any case, too much of Americans’ hard-earned money is spent paying federal taxes. But if the Tax Cuts and Jobs Act becomes law, people will finally feel some relief.
How? Because this is a tax cut for the average family at every income level. This is a message worth repeating. It’s rare that one piece of legislation—the Tax Cuts and Jobs Act—can impact so many people in such a positive way.
How does it work? This legislation cuts marginal tax rates at every income level and nearly doubles both the standard deduction and the Child Tax Credit. That means the effective rate—the rate you pay the government—will drop for normal families at all income levels.
The nonpartisan Tax Foundation agreed. “Our results indicate a reduction in tax liability for every scenario we modeled.”
As Speaker Ryan said yesterday, “This is a once-in-a-generation opportunity. Not just to fix the broken tax code, not just to jumpstart the economy, but to truly restore hope, confidence, and opportunity in America. That’s why we’re here. That’s what this is about.”
That hope, confidence, and opportunity? That’s what people will start to feel when they can keep more of their hard-earned money once the Tax Cuts and Jobs Act is the law of the land.