ICYMI: Senate Tax Reform Markup, Day 1: Middle-Class Benefits All Around

Committee Republicans Laud Tax Plan That Provides $1,500 in Tax Relief for Typical Family of Four

Yesterday the Senate Finance Committee kicked-off its markup of a once-in-a-generation opportunity to overhaul our nation’s tax code. In their opening statements, Republicans up and down the dais highlighted a key feature of the Tax Cuts and Jobs Act – tax relief and increased take-home pay for the middle class. 

“Under our bill, a family of four making the U.S. median family income of around $73,000 a year will see their federal income taxes reduced by more than 40 percent.  In specific dollar terms, that’s a reduction of nearly $1,500 for a single year. That’s about $125 more take-home pay for every month.” —Senate Finance Committee Chairman Orrin Hatch (R-Utah)           

“At the heart of this legislation is making good on a commitment to enact significant tax relief for middle-income taxpayers…middle-class families will see their tax bill shrink by nearly $1,500.” —U.S. Senator Chuck Grassley (R-Iowa) 

“The [Joint Committee on Taxation] reports show that taxes will go down, the amount of taxes in dollars will go down for every single income category in America. And if you look at these distributional charts, you will see that the largest percentages of reduction are in the lower and middle-class income categories.” —U.S. Senator Mike Crapo (R-Idaho) 

“We have done a good job pushing these rate reductions down to lower and middle-income families, providing a net tax cut for families in Kansas of about $2,500.” —U.S. Senator Pat Roberts (R-Kan.) 

“This will deliver tax relief to middle-income families. That is an objective and indisputable fact. You are nearly doubling the standard deduction, increasing the child tax credit, lowering rates. Middle-income families are going to get tax relief from this effort.” —U.S. Senator John Thune (R-S.D.) 

“We are told that the median income family in Ohio is going to see a tax cut of about $2,400 a year… It’s meaningful because a lot of people I represent are living paycheck to paycheck. This will help with that car payment. This will help save a little for vacation, maybe save a little for retirement…Let me say that nationally the number is about $1,500—that’s a 40 percent cut in people’s taxes. For the single parent, income of about $41,000 median income, it’s about a 55 percent reduction in their federal income tax.” —U.S. Senator Rob Portman (R-Ohio) 

“It is simply an objective matter of fact that this tax reform will result in a substantial middle class tax relief. You don't have to take any of our words for it – it's been documented; the [Joint Committee on Taxation] has determined it…We're going to lower the burden of taxes on the vast majority of Americans and the overwhelming majority of working class and middle income folks.” —U.S. Senator Pat Toomey (R-Penn.) 

“Recent studies by the White House Council of Economic Advisers and a Boston University economist suggest that as a result of this bill, household incomes could rise by an average of $3,500 to $4,000. Think about what another $3,000 or $4,000 in income will mean to a Nevada family that hasn’t seen a pay raise in ten years. Middle-class Nevadans and Americans across this great nation deserve a shot at a better life.” —U.S. Senator Dean Heller (R-Nev.) 

“The average single head of household in this country makes less than $36,000 a year. Well, what that means [is you] take home more of your hard-earned money. What it means is about a 55 percent cut in your tax burden under our plan.” —U.S. Senator Tim Scott (R-S.C.) 

“According to the Tax Foundation’s analysis, the bill will boost take home pay for Louisiana families by approximately $1,900 a year. More money for groceries, education, retirement, and for raising kids. Imagine what that would mean to families from Monroe to Lake Charles, Shreveport to New Orleans—it will mean a big difference in their life.” —U.S. Senator Bill Cassidy (R-La.)

• Print
• Email
• Tweet