what is an answer and how can you measure the value of one? today trusted answers from trusted sources are rare and precious commodities. they re out there but finding them on your own has never been harder. it s why at thomson reuters we provide you with the intelligence, technology, and human expertise you need to find trusted answers. the answer company. thomson reuters. let s go to the house where speaker paul ryan is giving his weekly news conference. he s talking about the latest house version of the tax bill. let s listen in. that s what this is all about. $1182.
$1182 is how much the typical american household will see in their paychecks thanks to the tax cut and jobs act. that s an average household of four earning $59,000. we re doubling the standard deduction. we re increasing the child tax credit. we re lowering tax rates across the board. that s not all. middle income families, middle income families estimates show they ll see a pay raise too. this legislation would result in 3.1% higher wages for people. that means more take home pay every month in addition to a tax cut. higher pay, lower taxes. question, there are details being ironed out in the process. that is how the process is supposed to work. i want to commend chairman brady and the members of the ways and means committee for their excellent work. we re doing this the right way. we re doing this regular order way. it takes time, but trust me, we re going to get this over the finish line. we re going to get this over the finish line because we need to get this done for american f
cut. laura: isn t that buying into class war far mentality. you had a border adjustment tax to raise revenue and allow for true reform. who stopped that tax which most countries have? who stopped that? i would say it was the retail retailers. we believe that was the smartest thing to do. i think it s a smart thing to do put american businesses on a level playing field with the rest of the world. that s behind us. we have consensus. the tax cut is an average of 1 $1182 for the average household in america. and then level the playing field for american businesses.
millionaires getting a big rate cut. laura: isn t that buying into class war far mentality. you had a border adjustment tax to raise revenue and allow for true reform. who stopped that tax which most countries have? who stopped that? i would say it was the retail retailers. we believe that was the smartest thing to do. i think it s a smart thing to do put american businesses on a level playing field with the rest of the world. that s behind us. we have consensus. the tax cut is an average of 1 $1182 for the average household in america. and then level the playing field for american businesses.
nobody in the middle class is going to see taxes up. he s going to write a check with his mouth that the caucus can t cash here. there s no glarn tee thuarantee happen. right. for example, they used this example with the republicans yesterday, a couple making $59,000 a year, not a great high seller but a good solid middle class salary, they will have their taxes cut $1182. now, that doesn t seem like a lot, except for the fact that they are paying $1500 some. so they will only pay $400 after this. that is money they get to spend on what they want. they get to save for their children s education. they get to use the way their family needs and wants it best. maybe it is medical care, god forbid they have a problem. but they can t deduct the expenses under this plan. but they have a lower rate and get more money to use instead of the government saying, we ll take the money and tell you how to use it here. that s what a lot of the deductions are, not all, but a lot of the deductions.