“Every single one of those families will have more money in their pockets next year”
How can one piece of legislation deliver increased paychecks to all different types of families across the country?
A doubled standard deduction. A doubled Child Tax Credit. The elimination of special interest deductions. And cuts in every tax bracket.
CBS recently hired an accountant to go through three different families’ 2017 tax returns to find out just how much each will save thanks to the recently-signed tax reform law:
- A single mother of 1, renting a home in Cary, NC, making under $40,000 annually will see savings of $1,300
- Married homeowners in Providence, RI, paying off student loans, making $150,000 annually will see savings of $650
- Married parents of 3, who own a home and small business in Fresno, CA, making $300,000 annually will see savings of $13,000
Major savings across the board, all helping ease the cost of living for the American middle class.