Middle Class American Families Seeing Benefits From Tax Reform
‘We know the Tax Cuts & Jobs Act is pro-worker and pro-business. But tax reform is also, at its core, pro-family. It doubles the standard deduction, meaning a young married couple effectively gets a new ‘zero percent tax bracket’ for the first $24,000 they earn. If that couple decides to purchase a home, their mortgage interest will be eligible for a deduction. Contrary to what many predicted, the historic tax cuts we delivered didn’t jeopardize that middle-class deduction. We preserved it.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the benefits Americans across the country continue to see from tax reform:
“It’s only been fifty-five days since the president signed historic tax reform into law. Already, it’s led to bonuses, raises, and new benefits for millions of American workers. And the long-term signs are just as promising. Hundreds of companies have announced significant commitments to plant deeper roots in the American economy.
“We know the Tax Cuts & Jobs Act is pro-worker and pro-business. But tax reform is also, at its core, pro-family. It doubles the standard deduction, meaning a young married couple effectively gets a new ‘zero percent tax bracket’ for the first $24,000 they earn. If that couple decides to purchase a home, their mortgage interest will be eligible for a deduction. Contrary to what many predicted, the historic tax cuts we delivered didn’t jeopardize that middle-class deduction. We preserved it.
“When that couple starts a family, they’ll benefit from the fact that we doubled the child tax credit, thanks to the fine work of Sen. Heller and others throughout the committee process. At its new level, that credit will save a two-child household four thousand dollars every year. Four thousand dollars to help them with back-to-school costs. Or to kick off a college fund. Or to help them afford summer camp tuition and a family vacation, instead of choosing one or the other.
“And thanks to the tireless work of my colleague from Nebraska, Senator Fischer, the Tax Cuts and Jobs Act encourages more employers to provide paid family leave. That's good news for the millions of American families that will welcome a child this year. My Democratic colleagues like to speak about the importance of paid leave. But not a single one of them voted with us. Every Democrat in the House and the Senate voted against the bill that included Sen. Fischer’s paid family leave incentives.
“Every one of them voted against a bill that included the bigger standard deduction. And the doubling of the child tax credit. And lower income tax rates. Fortunately, we passed this historic achievement despite their efforts to stop it. And thanks to every Republican who voted for tax reform, both Walmart and Lowe’s have announced expansions of both maternity and paternity leave. CVS is creating an entirely new parental leave program.
“In Wisconsin, where only one of two senators voted for reform, American Family Insurance is expanding its family leave benefits. So is Broadridge Financial Solutions in New York -- despite both senators from New York voting against it. This is only the beginning.
“My Democratic colleagues said tax reform would bring about ‘Armageddon.’ They said nothing in our bill would help American workers. But the proof is in the pudding. The evidence is piling up. And middle-class families all over the country are glad their Congress and their president made tax reform a reality.”
Related Issues: Tax Reform, Taxes, Middle Class, Economy
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