WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement welcoming Senate passage of the Tax Cuts and Jobs Act.
- GRAHAM: “I am very pleased that the United States Senate passed a desperately needed tax cut for working American families and for our business community.” https://youtu.be/ttCwHo7FhCM
- GRAHAM: “I believe by the end of this year… we’re going to have a Christmas present for working families by lowering taxes. And we’re going to make our business environment more competitive.” https://youtu.be/ttCwHo7FhCM?t=39s
- GRAHAM: “From a South Carolina point of view, the average working family is going to see a $2,300 tax cut. That’s money to help raise your kids and do things you need to do with the family budget.” https://youtu.be/ttCwHo7FhCM?t=20s
- GRAHAM: “This tax cut is going to help grow the economy. It’s going to make a real difference to working families. I’m proud to have been a part of it.” https://youtu.be/ttCwHo7FhCM?t=31s
The Tax Cuts and Jobs Act:
- Doubles the Standard Deduction: For an individual, the standard deduction goes from $6,350 to $12,000. For a married couple, it goes from $12,700 to $24,000.
- Doubles the Child Tax Credit: The child tax credit is doubled from the current $1,000 to $2,000, and more parents are allowed to claim the credit.
- Lowers Tax Rates: Individual tax rates for middle-income Americans are reduced, which will help taxpayers keep even more of their hard-earned money.
- Repeals Obamacare’s Individual Mandate: Repealing this unpopular tax will help provide additional relief to low- and middle-income families.
- Makes American Business Competitive in the World Market: Makes permanent the 20 percent corporate tax rate as well as shifts in the structure of the international tax system, which will make American businesses more competitive and keep well-paying jobs here at home.