(From Eighth District Congressman Jason Smith)
On June 4, Treasury Secretary Scott Bessent appeared before my Ways and Means Committee to share how the Working Families Tax Cuts have benefitted hardworking Americans with record-setting tax relief. During the hearing, he drove home the point that it was working-class folks — moms and dads, union employees, servers, taxi drivers — who received relief, not billionaires.
Since even before it was signed into law, Democrats have hidden behind the false claim that these tax cuts only help the ultra-rich. Here’s the reality: there aren’t any billionaires who work for tips. There aren’t any billionaires earning overtime, or relying on Social Security, or taking out an auto loan to afford a car.
The Working Families Tax Cuts delivered relief to the Americans whose paychecks were stretched thin by Democrat inflation. Just remember, at this point in Joe Biden’s presidency, core inflation stood at 6.2 percent, whereas core inflation is 2.8 percent today. We have more work to do, but there is a night and day difference between the crippling cost-of-living crisis that working Americans suffered under President Biden and today.
A new analysis from the Treasury Department confirms that tax relief went primarily to working-class families. Nearly 70 percent of Americans who received a tax cut earn less than $100,000 a year. Refunds are currently up more than 11 percent, totaling nearly $325 billion. A family of four with two children making $73,000 now pays zero dollars in federal income tax. And 62 million Americans — more than half of all taxpayers — claimed at least one of the new tax deductions we included in the Working Families Tax Cuts. The analysis shows 90 percent of the Americans claiming No Tax on Tips, 75 percent of Americans claiming No Tax on Overtime, 68 percent of Americans claiming No Tax on Auto Loans, and 65 percent of families claiming the child tax credit are earning less than $100,000 per year.
A new analysis from the Treasury Department confirms that tax relief went primarily to working-class families. Nearly 70 percent of Americans who received a tax cut earn less than $100,000 a year. Refunds are currently up more than 11 percent, totaling nearly $325 billion. A family of four with two children making $73,000 now pays zero dollars in federal income tax. And 62 million Americans — more than half of all taxpayers — claimed at least one of the new tax deductions we included in the Working Families Tax Cuts. The analysis shows 90 percent of the Americans claiming No Tax on Tips, 75 percent of Americans claiming No Tax on Overtime, 68 percent of Americans claiming No Tax on Auto Loans, and 65 percent of families claiming the child tax credit are earning less than $100,000 per year.
We’ve heard directly from Americans about what this relief means for them. I heard from a waitress in Fredericktown whose refund topped $10,000, enough to cover a year’s rent with groceries to spare. A waiter from Arizona told us he’s using his savings from No Tax on Tips to start law school; a steelworker from Texas said No Tax on Overtime means he can finally afford to start a family; a Texas couple adopted a second child with help from the Adoption Tax Credit; and a waiter in Nevada told us the no tax on tips would cover his energy bills for an entire year.
And these are just a few of the millions whose lives are better because Republicans kept our word. Every Democrat in Congress voted against giving Americans the largest tax cut in American history. Now that the data proves these cuts went overwhelmingly to working-class Americans, I would ask them one simple question: who exactly were you voting against? The facts show it was the working moms and dads — not the billionaires. I came to Washington to deliver for the hardworking men and women who sent me here to fight for them, and I will never stop fighting to make sure every family in this district feels it.
8 comments:
More pathetic preposterous pontificating and propaganda from none other than our own local "magic magat". Like any failing used cars salesman, this particular politician will lie and exaggerate the truth to get you lessor intellectually capable magats to buy in. In truth, the big ugly bill and the tax relief bill were the bait for all you magats to buy in and be alliegent to your master. You were bought like sugar addicted kids in a candy store. What you don't understand is we'll be paying for this trump era financial and environmental catastrophe for decades. We told you but you took the bait anyway and now most of you now regret your alliegence to the out of control sleeping fuhrer. Your kids and grandkids can thank you for the messed up world we're in and the disasterous future yet to come.
OMG! He probably has an advanced case
of the Lie-abetes!
6:55 you are absolutely correct. Thank you for commenting the truth.
655 PPPP strikes again! More lengthy sentences that I cannot and will not read!
8:41 AM with a weak attempt at stupid jujitsu in support of the actual PPPP.
The mags are officially psychotic, 7 billion for the ice goon squad and immigration. What a mess the dems have to clean up and repair after midterms and the impeachment of the orange peel.
1145 nonsense! When I see more than two sentences posted in a comment I simply refuse to read it! I don't have time for MAGAT Malarkey! You're starting to sound like a PPPP yourself, you better watch it or I will show you my intellectual superiority by calling you a PPPP!
516, it is true, Orange man is bad! This country shouldn't have immigration enforcement! We should let everyone in that wants to come in, no questions asked! I need my low wage workers to pick my cotton! Also, I need minimum wage to be $20/hr and free healthcare and housing for everyone! It's a human right!!!
I love Mainstream Media, they tell me everything I need to know and nothing more! Dems will fix everything! They'll still go to war for Israel but at least it'll be cool people doing it!
Post a Comment