The Tax Cuts and Jobs Act will deliver real tax relief to Americans across the country – especially low- and middle-income Americans who have been struggling for far too long to earn a raise and get ahead. With this bill, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.
to Zero, 12%, 25%, and 35% so people can keep more of the money they earn throughout their lives, and continues to maintain 39.6% for Americans who make more than 1 million or more.
to protect roughly double the amount of what you earn each year from taxes – from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
that increase rates and complicate Americans’ taxes – so an individual or family can file their taxes on a form as simple as a postcard.
by expanding and enhancing important family-focused tax benefits
from $1,000 to $1,600 to help parents with the cost of raising children, and providing a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.
to help families care for their children and older dependents such as a disabled grandparent who may need additional support.
to no more than 25% – the lowest tax rate on small business income since World War II.
– down from 35%, which today is the highest in the industrialized world – the largest reduction in the U.S. corporate tax rate in our nation’s history.
Today, American families spend countless hours and dollars each year just to file their taxes. Under our tax reform plan, all of that will change. We take action to simplify the code so dramatically that 9 out of 10 Americans will be able to file their taxes on a form as simple as a postcard.
WASHINGTON, D.C. – House Ways and Means Committee Chairman Kevin Brady (R-TX) issued the following statement after the Senate Finance Committee
WASHINGTON, D.C. – House Ways and Means Committee Chairman Kevin Brady (R-TX) and Tax Policy Subcommittee Chairman Peter Roskam (R-IL) released the following statements today ...
Ways and Means Republicans continued to express strong support for the Tax Cuts and Jobs ...