House Republicans on Thursday unveiled their long-awaited tax legislation, promising that the average family would save nearly $1,200 a year.
The bill collapses the existing tax brackets from seven to four, which would pay 12 percent, 25 percent, 35 percent and 39.6 percent. That top rate is unchanged and will apply to income greater than $500,000 for individuals and $1 million for families.
The plan also reduces or eliminates a number of deductions, but would double the standard deduction that individuals and families take.
The bottom line, House Speaker Paul Ryan (R-Wis.) told reporters, is that a family of four earning $59,000 a year would get a cut of $1,182 under the Tax Cuts and Jobs Act.
“This plan is for the middle-class families in this country who deserve a break,” he said, surrounded by some of those families. “It is for the families who are out there living paycheck to paycheck, who just keep getting squeezed.”[contentcards url=”http://www.lifezette.com/polizette/house-gop-promises-1182-tax-cut-for-average-family/” target=”_blank”]