For years, a rising number of Americans said the American Dream was out of reach. Since the election of President Trump, more people are more hopeful. But we can do more for individuals and families is by making sure they keep more of what they earn.
The Status Quo
Today, 78% of full-time workers live paycheck to paycheck, and 71% of all workers say they are in debt. Around 56% save less $100 or less per month. The outlook is even worse for people forced into part-time employment or who can’t find a job.
Individuals and families are going to get major tax relief under our plan. We:
· Nearly double the standard deduction so if you’re an individual, the first $12,000 you earn is tax free, and if you’re a couple, the first $24,000 you earn is tax free.
· Lower individual tax rates to zero, 12%, 25%, and 35%.
· Protect 401(k) and IRA retirement savings accounts so Americans can continue to save for the future.
This all means that a typical family of four earning the median household income of $59,000 a year will receive a $1,182 tax cut. In fact, the first $55,000 a family of four earns won’t be taxed a single cent.
Our plan will also greatly improve economic growth and bring business back to America so we have more jobs and higher wages—around $4,000 more for the average household in America.
Why We’re Doing This
Good jobs, a booming economy, higher wages, and lower taxes make us stronger. We’ve been battered by a bad economy for too long. With this bill, every American can start looking up.