Tax Bill Written with Middle Class Families in Mind
by John Cornyn on December 12, 2017 at 11:49 AM
On the Senate floor, I discussed the importance of tax reform to helping middle class families keep more of their hard earned money.
We set about reforming our tax code with three goals in mind… How do we simplify the code? How do we let people keep more of what they earn, more take-home pay, a better standard of living, and how do we make America's economy more competitive?
You would think those would be the sorts of things that our friends across the aisle would want to work with us on, but apparently not. Instead, what we get is these sort of reckless and really buffoonish sort of allegations.
The simple truth is that the Senate bill will lower tax bills on millions of working-class Americans. It will lower taxes, not raise them, on the working class. Again, by nearly doubling the standard deduction and lowering rates across the board and doubling the child tax credit, the Senate tax reform plan will lower taxes for every income group. The Senate tax plan was written with working families in mind.
A family of four earning a median income of about $70,000 will see a $2,200 savings in their tax bill each year. It may be easy for folks living in the rarefied air in Washington, D.C. to shrug that off and say, ‘$2,200 is no big deal to me.’ But to the people I represent, $2,200 tax savings a year is a big deal.