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Tax Reform By The Numbers

- November 8, 2017

Tax Relief For Americans Of All Walks Of Life

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The Tax Cuts & Jobs Act By The Numbers

975,000: The Estimated Number Of Full-Time Jobs Created If The House GOP Tax Bill Became Law. ("Details And Analysis Of The 2017 Tax Cuts And Jobs Act," Tax Foundation , 11/3/17)

$2,598: The Estimated Gain In After-Tax Income For A Middle-Income Family If The GOP Bill Becomes Law. (Nicole Kaeding, Morgan Scarboro, and Scott A. Hodge, "The Tax Cuts And Jobs Act: The Impacts On Jobs And Incomes By State," Tax Foundation , 11/3/17)

$1,182: The Estimated Tax Cut A Typical Middle-Income Family Of Four, Earning $59,000 (The Median Household Income), Will Receive. ("What Out Historic Tax Reform Means For You And Your Family," Committee On Ways And Means, House Of Representatives , 11/2/17)

70%: The Number Of Americans Who Currently Take The Standard Deduction, And Stand To Benefit If It Is Doubled Under The GOP Bill. (Paul Davidson, "How Trump's Tax Plan Would Affect Households," USA Today , 4/26/17)

$24,000: The Increased Standard Deduction For Married Couples Under The House GOP Tax Bill. (Bob Bryan, "The GOP Finally Unveiled Its Massive Tax Plan That Proposes A Sweeping Overhaul To The System," Business Insider , 11/2/17)

  • $12,700: The Existing Standard Deduction For Married Couples. (Bob Bryan, "The GOP Finally Unveiled Its Massive Tax Plan That Proposes A Sweeping Overhaul To The System," Business Insider , 11/2/17)

$12,000: The Increased Standard Deduction For Individuals Under The House GOP Tax Bill (Bob Bryan, "The GOP Finally Unveiled Its Massive Tax Plan That Proposes A Sweeping Overhaul To The System," Business Insider , 11/2/17)

  • $6,350: The Existing Standard Deduction For Individuals. (Bob Bryan, "The GOP Finally Unveiled Its Massive Tax Plan That Proposes A Sweeping Overhaul To The System," Business Insider , 11/2/17)

3.8%: The Estimated Increase In GDP Growth That Would Result From The GOP Tax Bill. ("Details And Analysis Of The 2017 Tax Cuts And Jobs Act," Tax Foundation , 11/3/17)

3.2%: The Estimated Rate At Which The U.S. Economy Would Grow For 3-5 Years As A Result Of Tax Reform. (Lawrence B. Lindsey, Op-Ed, "Tax Reform Will Give Workers A Raise," The Wall Street Journal , 10/10/17)

3.1%: The Estimated Wage Growth Under The House GOP Tax Bill. ("Details And Analysis Of The 2017 Tax Cuts And Jobs Act," Tax Foundation , 11/3/17)

$1,600: The New, Larger Child Tax Credit Under The House GOP Bill. (Bob Bryan, "The GOP Finally Unveiled Its Massive Tax Plan That Proposes A Sweeping Overhaul To The System," Business Insider , 11/2/17)

$500,000: The Amount Up To Which Taxpayers Can Continue To Deduct Their Mortgage Interest Under The GOP House Bill. (Susan Ferrechio, "Tax Reform Bill Wins Initial Praise From House Republicans," The Washington Examiner , 11/2/17)

0: Reasons Not To Pass Tax Reform .

Why America Needs Tax Reform By The Numbers

4 Million: The Number Of Words In The U.S. Tax Code. ("The National Taxpayer Advocate's Vision For A Taxpayer-Centric 21st Century Tax Administration," Internal Revenue Service , Accessed 8/29/17, p. 2)

36: The Number Of Years Since Congress Has Successfully Passed Tax Reform. (Ashley Killough, "These Are The Key People Who Control Tax Reform In Congress," CNN , 8/11/17)

$2.6 Trillion: The Estimated Amount Of Money U.S. Firms Hold Overseas Because Of High Corporate Tax Rates. (David Morgan, "Republicans Debating Remedies For Corporate Tax Avoidance," Reuters , 6/18/17)

$100 Billion: The Estimated Amount Of Tax Revenue The U.S. Government Could Collect If Corporations Did Not Hold Profits Offshore Because Of The High Corporate Tax Rate. (David Morgan, "Republicans Debating Remedies For Corporate Tax Avoidance," Reuters , 6/18/17)

16.4%: How Much Higher The U.S. Corporate Tax Rate Is Than The Worldwide Average. (Kyle Pomerlau, "Corporate Income Tax Rates Around The World, 2016," Tax Foundation , 08/18/16)

1st: The United States' Ranking On The List Of Highest Statutory Corporate Income Tax Rate Among G20 Countries. ("International Comparisons Of Corporate Income Tax Rates," Congressional Budget Office , 3/01/17, p. 2)


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