A recent analysis by the Tax Foundation shows that the GOP tax plan will put more money in the pockets of the lower and middle class right away. It also shows that the economy will grow by at least 3% over the next decade, which is good for everybody.
Free Beacon details just how this will work:
For those households in the second-lowest quintile, after-tax incomes are expected to grow by 1.4 percent as soon as next year. Those in the middle quintile could see after-tax incomes grow by 2.2 percent.
The legislation doubles the standard deduction for families, increasing it from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for couples. The foundation says this component of tax reform gives the middle class a large tax cut. In addition, the bill creates a new $300 tax credit for each parent and a $300 credit for a nonchild dependent, which, according to the Tax Foundation, puts more income in lower tax brackets.
The Tax Foundation modeled the proposal and found that it would lead to an increase in GDP growth by 3.9 percent, an increase in wages of 3.1 percent, and the creation of 975,000 full-time jobs in the long term.
It’s time that everybody gets on board so the Republicans can push this through. Do you support a tax plan that will put more money in the pockets of the working class?