out there living paycheck to paycheck who just keep getting squeezed. you know about half the country today is living paycheck to paycheck and a lot more people are about a paycheck away from living paycheck to paycheck in this country and this is going to help give people relief. the tax cut and jobs act will deliver real relief for people in the middle. people who are also striving to get there. with this plan, the typical family of four will save $1,182 a year on their taxes. for many families, having an additional $1,182 more will make a real difference. that $1,182 more covers about a year s worth of gas for your car, covers your family s phone bill for the year, depending on how much data, of course, your kids use. that $1,182 more, it can help you pay down your debt faster, help you start and renovate your home faster. that $1,182 more for the average
all right. thank you, chairman brady, for your tremendous leadership, all the members of the ways and means committee. the speaker said that this is a special moment. we are going to make our economy boom for the average family of four, that median income earner in america, making $59,000, we re talking about $1182 in your pocket. you think about the holidays right around the corner, what that means in your life. you know, as i travel around eastern washington and visit towns and communities and just recently i was down in north carolina and in michigan, you think about $1182 for someone who s living paycheck to paycheck, someone in kettle fall, that s making a big difference. or families like de cooks from sterling heights, michigan, maybe they can put a little more money towards their mortgage or victor a restaurant owner in michigan and he says, quote, we
in new york and new jersey and the high tax states. that repeals the amt and keeps the estate tax for six years and gets rid of it. that helps higher earners. they will double it to like $10 million. not a lot of small family businesses fall under this. that will be middle class advocates say that s not fair. we look at her from ryan and many of the others on that house ways and means committee. $1182 more per year is what they say the average family will be keeping in their pocket or maybe getting in some form from a pay cut or pay raise. do you see any losers in this. they are billing it as a win-win for everybody. the big winners are companies. they will have their corporate tax rate cut to 20%.
and i m thrilled to be part of it. all right. steve scalise is coming up to talk. kind of interesting. because they ve latched onto this $1,182 in tax savings for a particular family in america. that would be $98.50 a month. if you have unusually high medical costs, your ability to deduct for those will be gone. ability to deduct for student loans will be gone. state and local income taxes, if you live in a high tax jurisdiction are going to be eliminated. and the estate tax. you know, i can t wait because you know on saturday we do a show at 12:30 eastern and i m going to tackle this estate tax thing. in 20175500 estates will pay that tax. the number of businesses like this person was talking about, 8-0. 80. that s it. 300 and however many million americans, 80 people.
democratic leader blasted the g.o.p. tax proposal. while republicans ambushed the american people with this half-baked tax bill, written in the dark to be in congress before it is understood, we already know some of what to be the truth. it raises taxes on the middle class, millions of middle-class families across the country. i bumped into a number of house lawmakers in the hallways who say they are very excited to get going on a major item on their agenda. they say this is not a done deal. plenty of work to get done. they are excited to get rolling. we are too. mike emanuel, thank you for that. let s dig right into this. let s start out with this. the median household income in this country, $59,000. so they are talking about an $1182 tax cut for the median household.