This is about helping a middle class that has been squeezed by a tax code that is expensive, complicated and skewed toward special interests. Nearly 8 in 10 Americans live paycheck-to-paycheck; nearly half say a $500 surprise bill or emergency would put them in debt.
Taxpayers will get significant relief soon. A family of four earning the median income of $73,000 can expect a $2,059 tax cut. The Internal Revenue Service has announced that it will adjust its withholding tables as soon as February. With less money withheld, paychecks will be bigger in a matter of weeks.
The bill significantly increases the standard deduction, nearly doubling the amount you can earn completely tax-free. It also makes taxes simpler, so that nearly 9 in 10 Americans will be able to file their taxes on a form the size of a postcard.