You know we’re working on tax reform. Last week, we released bill text for the Tax Cuts and Jobs Act, our plan to simplify the tax code and deliver more jobs, fairer taxes, and bigger paychecks to Americans. Today, the Ways and Means Committee will approve the legislation, sending it to the House floor.
But let’s get down to business: Who does this tax cut help?
The simple answer: YOU.
At every income level, there is a tax cut for the average family.
In other words, whether you live in California, New York, or the heartland, the typical household in your state will see a big tax cut.
That's especially true for middle-income families. Families with kids will see additional benefits. The average American household will get a $1,182 tax break. As the JCT Chief said, "There is a tax benefit to all income categories as we measure them."
That’s because marginal tax rates will go down and the standard deduction will go up, making the effective rate (the rate you pay the government) drop.
We mean it when we say tax cuts will grow the economy. The numbers prove that as well. It’s projected to boost economic growth by 3.9 percent and create almost a million full-time jobs. That’s huge. Additionally, the tax cuts on the corporate side will cause companies to raise wages for middle-income Americans—by up to $4,000 for an average American family. That’s quite a chunk of change.
Bottom line: You, yes you, typical American family, will experience the benefits of tax reform.
Learn more at speaker.gov.