202-224-4515, Katie Niederee and Julia Lawless
Senate Tax Plan Designed To Lift American Families
Tax Plan will Provide Relief, Increased Take-Home Pay for Middle-Income Families
For the last decade, American families have struggled with flat wages and a sluggish economy. The Finance Committee’s plan to overhaul the tax code was designed to provide tax relief and boost take-home pay for middle-income families. Under the Senate plan, a typical family of four earning the median family income of around $73,000 will see its taxes cut by nearly $1,500. A single parent with an income of $41,000 will see a 55 percent reduction in their tax bill. This means more money to invest in a child’s education, save for retirement, put toward a down payment on a home or just make ends meet.
Here’s a look at how families will gain under the Tax Cuts and Jobs Act.
Lowers rates for low- and middle-income households, allowing them to keep more of their hard-earned paychecks.
Creates an employer credit for paid family and medical leave, encouraging flexible work arrangements to help meet the needs of 21st century working men and women.
Protects 401(k) and Individual Retirement Accounts to help Americans build their retirement nest eggs and save for retirement.
Maintains home mortgage interest deduction up to $1 million, incentivizing homeownership and providing tax relief to current and aspiring homeowners.
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