middle-class earners. this plan is for the middle class families in this country who deserve a break. it is for the families who are out there living paycheck to paycheck who just keep getting squeezed. 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. sandra: lets go straight to a chief congressional correspondent as promised, mike emanuel life on capitol hill for us. good afternoon to you. leaders say home making $59,000, the median household income will give a tax cut of $1182. expect to hear that number a lot. here are some other key facts and figures in this g.o.p. tax plan. below are the individual rate 20, 12%, 25%, 35%, and maintain the top rate of 39.6%. decrease in standard deduction eliminate special interest
thank you, chairman brady for your tremendous leadership. all the members of the committee. the speaker said 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. 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 falls. that s making a big difference. or families like the cooks in mirnz. maybe put more money to their mortgage. or victor, a restaurant owner in michigan. he says, quote, we pay our taxes first. we pay our people second.
squeezed. half of the country is living paycheck to paycheck and more than half a step away. and this will give people relief. tax cut and jobs act will give relief for people in the middle and striving to get there. with this plan, the typical family of four will save 1182 a year. for many families, having 1182 more will make a difference. that covers about a year s worth of gas for the car and family phone bill depending on the data your kids use. that 1182 more can help you pay your debt faster and start and repivate your home faster and that for the average family will put money away for college and
to come from somewhere. harris: said you guys are punching the numbers on this and that $98 a month, if it were written at a check of 1182, you might feel it in that family. but my concern is where the spending cuts? how were they going to pay for this without touching spending? that s not what the president told them to do? marie: for years and years we ve heard of fiscal responsibility. we have to pay for this. where s the money coming from to pay for this? david: i ll give you the answer. first of all, so far so when they say we are going to pay for and how do we pay for it when it comes to tax cuts in d.c. you have to look at a bigger economic picture, which is if we have growth and we continue to seeing increased growth in this country and you increase that revenue seeing in the government going, you offset that against what doesn t come in. this was the brilliance of the reagan tax cuts was growth was the answer to that equation. harris: was that phased in over a long per
too. dana: so that was what was said. but today i thought i heard you say the house hold average would be about $1182. what s the discrepancy? what i said is in addition to that. the study for economic advisers said the by rate cuts which gross businesses will increase wages about $4,000. the tax cut individuals and families is what we were talking about. you add those two together and it s a lot more. these are in addition to each other, not in place of. dana: let me ask you something about representative lee zeldon. congressman from new york. said i am a no on this bill in its current form. we need to fix state and local tax deduction issue adding back in the property tax deduction up to $10,000 is progress but not enough progress. if i m not fighting for new yorkers i can t expect anyone else to do it for me. he said he s a no. do you think you could figure out a way to negotiate before