Massive tax breaks for wealthy people and corporations are all about “jobs”
and investing in the economy, despite the fact that corporations have made
it blatantly clear they intend to do no such thing.
Middle Class to Get 23% of Tax Cuts for Individuals Under GOP Bill
Benefits mostly peter out after a decade, joint committee on taxation finds
By Siobhan Hughes and
Middle-income households will get $61 billion in tax cuts in 2019 under
the Republican tax plan poised for passage this week, according to an
analysis released late Monday by Congress’s Joint Committee on Taxation.
This week, the House and Senate will vote on comprehensive, pro-growth,
pro-family tax reform. The legislation, known as the Tax Cuts and Jobs
Act, will give families and individuals across the country tax reduction
and simplification starting in 2018.
The legislation includes rate reduction and a doubling of the standard
deduction. Under this change, the first $12,000 for an individual and
$24,000 for a family will be tax-free. The standard deduction is already
used by 105 million taxpayers across the country, who will see a
significant tax reduction.
In addition, the plan doubles the child tax credit to $2,000, helping
millions of American families across the country. According to the most
recent IRS data, more than 22 million people used the child tax credit
While the bill is not perfect, it is indisputable that the Tax Cuts and
Jobs Act reduces taxes at every income level with the biggest benefits
being borne by the middle class.
The Republican tax reform bill begins to undo Obama’s legacy of higher taxes
Under Democrat control, Americans were hit with tax increases on the
ability of families to deduct medical expenses, tax increases on medical
devices and prescription medicines, and tax increases on health savings
accounts. The Left even imposed taxes on employer-provided and
individual health insurance, while imposing a tax for not purchasing
The Tax Cuts and Jobs Act begins to reverse this by repealing this tax
penalty, known as the individual mandate, granting additional tax relief
to low- and middle-income families by eliminating one of the most
regressive taxes in the code. In tax year 2015, 6,665,480 households
paid this tax. About 79 percent of these households had annual incomes
below $50,000, and 37 percent of households that paid this tax had
annual incomes below $25,000.
Republicans promised to unrig the complex code and reduce taxes for the
middle class. Through the Tax Cuts and Jobs Act, they are delivering.
Under this legislation, families across the country will see strong tax
relief and simplification just as President Trump and congressional
leaders have promised.