(TruthAndLiberty.com) – On Friday, House Republicans revealed a tax package that is looking to allow American families to have an additional $4,000 go back into their pockets. The package would also include a number of tax breaks that would help benefit both individuals and small businesses.
Ways and Means Committee Chair Jason Smith, R-Mo., stated that the package is the result of the field hearings that the panel had heard throughout the year. Smith argued that the bill was trying to bring together all the “critical ideas” that members of the committee have introduced in order to deal with the needs of American families.
He added that this package was building further on tax policies that the Republicans had already put in place and that had assisted the country to grow economically. He noted that these changes by the Republicans have been the key to the fastest growth in real wages in two years. He also stated that they had been fundamental in helping working families, small businesses, and job growth while also protecting American innovation.
The package includes three bills, the biggest of which is the Tax Cuts for Working Families Act, which means that a married couple would be eligible for a $4,000 deduction if they are making more than $400,000 per year.
The benefit would be available to approximately 107 million American families and could last as long as two years. The legislation has been brought forward Reps. Nicole Malliotakis, R-N.Y., and Michelle Steel, R-Calif. The plans are set to be considered next week after lawmakers return to Capitol Hill.
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