Committee Chairman Smith comments on the Working Families Tax Cuts Act

United States – The Biden administration and the Democrats in Washington have “ignored” American workers and their families. Inflation spiraling out of control, interest rates soaring, and the general economic downturn that has plagued the United States over the past two years are all direct results of the reckless spending spree of democrats.

The economic crisis created by the irresponsible tax and spending plan of President Biden and the Washington Democrats requires immediate action, and the Working Families Tax Cuts Act is that action. In response to concerns expressed by Americans in our hearings across the country about the rising cost of living, this bill represents a historic investment in the American workers and families who form the backbone of our wonderful nation.

“Specifically, we expand on the benefits that middle-class families enjoy as a result of the doubling of the Guaranteed Deduction under the Republican Tax Reform Act of 2017. In response to the inflation problem caused by the policies of vice -President Biden, Rep. Malliotakis has proposed legislation that would provide a guaranteed deduction bonus of $4,000 to industrious families.With this provision in place, a family of four in the United States will pay no federal income tax on the first $68,000 of his income This way, more of the money Americans earn stays in the country, where it can be used to meet the needs of individuals and families.

My friends in the opposition party will try to argue that those with higher incomes and more hours worked will get the greatest tax benefits from the bill, but that is not the case. Everyone gets the deduction bonus of $4,000. This means that those with incomes below $100,000 will receive the largest share of the tax reduction. Workers earning between $15,000 and $30,000 a year would see a tax cut of more than 30% under the proposed plan.

The after-tax incomes of middle-class Americans earning less than $100,000 will rise more under this program than any other income category, according to the Joint Committee on Taxation’s own estimate. I would like to speak on behalf of the supporters of the measure on both sides of the aisle and say, “This bill is good policy; it’s good for working-class Americans.

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