WASHINGTON— House Republican Conference Chairwoman Lisa McClain (R-Mich.) released the following statement after the U.S. Department of the Treasury reported historic tax return data following Republicans' passage of the Working Families Tax Cuts:
“Democrats spent months claiming the Working Families Tax Cuts were only for the wealthy, but that argument has completely fallen apart. The Treasury Department’s data confirms what Republicans have said all along: the Working Families Tax Cuts are delivering real relief for working families,” Chairwoman McClain said. “Unfortunately for Democrats, every single one of them voted to raise taxes on the very people they claim to represent. If they had gotten their way, Americans would be facing a record-breaking tax hike instead of bigger refunds, bigger paychecks, and more money in their pockets. Democrats voted for higher taxes; Republicans delivered tax relief.”
Working Families Tax Cuts by the numbers, courtesy of the Treasury Department:
96% of filers receiving a tax cut earned less than $200,000.
Filers earning between $100,000 to $200,000, who claimed one of President Trump’s signature tax cuts, received an average tax cut of over $1,250.
Nearly 70% of filers receiving a tax cut earned less than $100,000.
Filers earning between $50,000 and $100,000, who claimed one of President Trump’s signature tax cuts, received an average tax cut of over $815.
No Tax on Tips:
Over 7.5 million filers have claimed No Tax on Tips, with an average deduction of over $7,000.
90% of filers claiming the No Tax on Tips deduction had income under $100,000.
99% of filers claiming the No Tax on Tips deduction had income under $200,000.
No Tax on Overtime:
Over 29 million filers have claimed No Tax on Overtime, with an average deduction of over $3,100.
75% of filers claiming the No Tax on Overtime deduction had income under $100,000.
96% of filers claiming the No Tax on Overtime deduction had income under $200,000.
Enhanced Senior Deduction:
Over 35 million seniors have claimed the Enhanced Deduction for Seniors, with an average deduction of over $7,500.
68% of filers claiming the Enhanced Senior Deduction had income under $100,000.
94% of filers claiming the Enhanced Senior Deduction had income under $200,000.
No Tax on Car Loan Interest:
Over 1.4 million filers have claimed No Tax on Car Loan Interest on their new American vehicles, with an average deduction of over $1,800.
62% of filers claiming the No Tax on Car Loan Interest deduction had income under $100,000.
98% of filers claiming the No Tax on Car Loan Interest deduction had income under $200,000.
Trump Accounts:
Over 5.5 million Trump Accounts have been opened, with 1.4 million eligible for the $1,000 pilot program contribution.
86% of all Trump Accounts opened are linked to families earning less than $200,000, giving working families more opportunity to invest in the future of their loved ones.
Enhanced Child Tax Credit:
Nearly 40 million families have claimed the enhanced Child Tax Credit, which is permanently doubled and expanded by the Working Families Tax Cuts.
65% of all families claiming the credit had income under $100,000.
89% of all families claiming the credit had income under $200,000.
Doubled Standard Deduction:
Over 127 million filers (90% of all tax filers) have claimed the permanently doubled standard deduction, simplifying tax filing for millions across America.
