Real World Impact: Typical Family Saves Nearly $2,200 Under Senate Tax Plan

Senate Tax Overhaul Reduces Middle-Class Americans’ Tax Liability By Nearly 60 Percent

The Senate Finance Committee advanced a tax reform proposal this week that will create more jobs, increase paychecks, and make the tax code fairer for middle-class families:

• A family of four with income of around $73,000 (median family income) will see a tax cut of nearly $2,200.
• Their tax bill will fall from what they pay today, around $3,683, to paying $1,499 next year—a reduction of $2,184.
• This represents a reduction in their tax bill of nearly 60 percent.

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