Alexander: Senate Votes to Reduce Taxes for Most Tennessee Families

Posted on December 20, 2017

“A family of four making a little over $70,000 a year will save more than $2,000 on their taxes, and a single mother making $41,000 a year will see a $1,300, or 73 percent, reduction in her taxes”

WASHINGTON, December 20, 2017—U.S. Senator Lamar Alexander (R-Tenn.) today released the following statement about the tax bill passed by the Senate:

“This bill will reduce taxes for most Tennessee families and will grow the economy by making business taxes competitive with the rest of the world.  It nearly doubles the standard deduction and doubles the child tax credit.  A family of four making a little over $70,000 a year will save more than $2,000 on their taxes, and a single mother making $41,000 a year will see a $1,300, or 73 percent, reduction in her taxes.” 

Those making $100,000 or more today pay 78 percent of federal taxes, and after this bill is signed into law, will pay slightly more.

Today, the U.S. Senate voted 51 to 48 in favor of the Tax Cuts and Jobs Act – legislation agreed to by the Senate and the U.S. House of Representatives. The Senate passed its tax reform bill on December 2. The House of Representatives passed its own version of the legislation on November 16. 

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