One Year Later: President Trump’s Working Families Tax Cuts Are Delivering for American Workers
As we celebrate America’s 250th birthday this week, our nation is stronger with President Trump at the helm— a leader who believes that people who work hard every day deserve to keep more of what they earn. One year after President Trump signed the Working Families Tax Cuts into law, this once-in-a-generation legislation is delivering […] The post One Year Later: President Trump’s Working Families Tax Cuts Are Delivering for American Workers appeared first on The White House.
Overview
One Year Later: President Trump’s Working Families Tax Cuts Are Delivering for American Workers
As we celebrate America’s 250th birthday this week, our nation is stronger with President Trump at the helm— a leader who believes that people who work hard every day deserve to keep more of what they earn. One year after President Trump signed the Working Families Tax Cuts into law, this once-in-a-generation legislation is delivering on its promises and unleashing a blue-collar BOOM.
The success of President Trump’s widely popular tax breaks, like No Tax on Tips, No Tax on Overtime, No Tax on Social Security and Made in America Car-Loan deductions, is undeniable. A look at the first-year’s results shows that nearly 70% of filers who received a tax cut earned less than $100,000.
President Trump and Republicans are rewarding hard work, strengthening families, and restoring the American Dream by putting more money back into the pockets of the people who earned it. The American people will not forget; while Republicans fought for the largest tax cut in history for middle and working-class Americans, every single Democrat voted against them and opposed this landmark legislation in their unrelenting pursuit for free healthcare for illegal aliens.
The results speak for themselves — President Trump’s signature tax cuts are delivering:
- Millions of Americans received historic tax refunds this tax season with the average refund exceeding $3,400 — an 11% increase from last year.
- American families and workers claimed $82 billion in direct tax relief, with 97% of filers receiving a tax cut.
- More than 29 million workers claimed the No Tax on Overtime deduction with an average deduction of over $3,100.
- More than 35 million seniors have claimed No Tax on Social Security with an average deduction of over $7,500.
- Nearly 8 million workers claimed No Tax on Tips with an average deduction of over $7,000.
- Over 1.4 million filers have claimed No Tax on Made-in-America Car Loan Interest with an average deduction of over $1,800.
- Nearly 40 million families claimed the enhanced Child Tax Credit.
- Nearly 6 million Trump Accounts have been opened, with 1.4 million eligible for the $1,000 pilot program contribution.
- More than 127 million taxpayers benefited from the permanently doubled standard deduction.
Details
The Working Families Tax Cuts is not just good policy, it’s a demonstration of Republicans’ commitment and belief in the American worker and the American Dream.
The post One Year Later: President Trump’s Working Families Tax Cuts Are Delivering for American Workers appeared first on The White House.
Source
Originally published at www.whitehouse.gov.
