$1,182. That’s how much of a tax cut typical, middle-income American families will receive thanks to the Tax Cuts and Jobs Act.
As Speaker Ryan said this yesterday, “For many families, having an additional $1,182 more will make a real difference. That $1,182 more covers about a year’s worth of gas for your car. It covers your family’s phone bill for the year—depending on how much data, of course, your kids use. That $1,182 more—it can help you pay down your debt faster. It can help you start and renovate your home faster. That $1,182 more for the average family—that will help you put away for college. It will help you save for retirement. It will help you save for a rainy day.”
The entire purpose of our plan is to cut taxes for hardworking middle-class families. These Americans have been squeezed the most under our broken tax code, and they are going to finally get the relief they deserve.
In addition to saving $1,182 annually from lower individual tax rates, families can also expect big wage increases. A deluge of recent studies forecast that average households can expect upwards of $4,000 in additional take-home pay thanks to our plan to cut the corporate tax rate.
Lower taxes and bigger paychecks means more money in your pocket. And that’s what the Tax Cuts and Jobs Act is all about.
CLICK HERE to read the full legislative text of the Tax Cuts and Jobs Act.
CLICK HERE to read the section-by-section summary of the Tax Cuts and Jobs Act.
CLICK HERE to read the policy highlights in the Tax Cuts and Jobs Act.
CLICK HERE to read examples of how the Tax Cuts and Jobs Act will help Americans of all walks of life.