Ryan: Family of Four Saves Over $1,000 With New GOP Tax Plan

By NTK Staff | 11.02.2017 @12:00pm

House Speaker Paul Ryan unveiled the GOP tax reform plan with his colleagues on Thursday, promising that the bill, the Tax Cuts and Jobs Act, would deliver almost $1,200 in tax relief to an average family of four. “About half the country today is living paycheck-to-paycheck, and a lot more people are about a paycheck […]

House Speaker Paul Ryan unveiled the GOP tax reform plan with his colleagues on Thursday, promising that the bill, the Tax Cuts and Jobs Act, would deliver almost $1,200 in tax relief to an average family of four.

“About half the country today is living paycheck-to-paycheck, and a lot more people are about a paycheck away from living paycheck-to-paycheck in this country,” he said.

Ryan promised that the bill will raise economic prospects for the middle class.

“The typical family of four will save $1,182 a year on their taxes,” the speaker explained. “For many families having an additional $1,182 more will make a real difference. That $1,182 more covers about a year’s worth of gas for your car. It covers your family’s phone bill for the year.”

Americans could also use the extra money to reduce debt, invest in their homes, and save for college and retirement, he said.

Ryan held up the proposed post card on which Americans would be able to fill out their taxes, a significant reduction from previous tax forms.

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