Tomorrow is the day. The House will vote on the most sweeping, pro-growth tax reform since Reagan. So what does it mean for you and your family?
Most importantly, the Tax Cuts and Jobs Act will give typical families of four earning $73,000 per year a $2,059 tax cut next year.
That is a really big deal. That’s $2,059 to help cover that dream vacation, invest in your children’s college education, or save up for that new car.
This tax cut is the result of three major reforms:
· Increasing the standard deduction so more of what you earn—$12,700 for individuals and $24,000 for joint filers—is completely tax free.
· Doubling the Child Tax Credit to $2,000 per child so parents have some extra cash to raise their families.
· Lowering rates across the board so Americans at every single income level get a well-deserved and long-overdue tax cut.
The long story short is that relief for middle-income Americans and families living paycheck-to-paycheck is finally on the way. When we get this done, people across the country can celebrate the holidays knowing they will wake up with a simpler and fairer tax code on New Year’s Day.
To learn more, visit speaker.gov.