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Thing you get or one thing you do at one time, why don t we lower your tax rates for all time and let you do whatever you want with your money. there s a philosophical difference. the way the code works is you pay your taxes, you do certain things. you spend your money to washington and maybe you will get some money back if you do what they approve of. in this case, it s got to be qualified tuition reimbursement system. lots of hoops and loopholes. we are saying let s get rid of the loopholes and give you your money. let people keep more of their own tax dollars in the first place. take less money out of your pocket come out of your paycheck to begin within you decide decide what you want to do. the median household in america makes about $59,000. the person who runs the household is going to get a $1182 tax cut the first year. the median family in america makes about $73,000. ....
Tonight, senate republicans unveiling their tax bill. there s seven tax brackets instead of four and complications with the estate tax. it s just like the house tax bill. it s about corporate america and does a lot to help corporate america. gary cohen was on the defense today against accusations that republicans aren t doing enough for the middle class. cohen, in an incredibly telling answer, said they cut so much for the middle class, they can t do anymore. here he is. the median family in the united states, a family that earns $60,000 in the united states, the speaker spoke of an $1182 tax cut. a family of four is paying less than $500. ....
$1182, $1182. is how much the typical household will see in their paychecks. that s an average household. we re doubling the standard deduction increasing the child tax credit lowering tax rates across the board. that s not all. middle income families middle income family estimates show they will see a pay raise. this 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. yes, there are details that are being ironed out in the committee process. that is exactly how the ledge lay laytive process is supposed to work. i want to commend chairman brady and member es of the ways and means committee for their excellent work. we re doing this the right way, doing this the regular order way. it takes time but 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 families, for people who will be ....
Will see a tax reduction. wolf, with the joint committee nonpartisan organization is they affirm that every middle income family, let s say middle income and america, they define as 59,000 dollar income. every bracket would get a tax relief and that those in the middle income would receive tax relief for about $1,182 on average. we believe this tax splan providing tax relief for every income bracket. when you say bracket on average, that doesn t mean everyone in those brackets, especially for some of the bigger states that have state and local tax deductions right now if they lose that, will wind up saving money. wolf, as far as a tax reform plan that we have $1.5 trillion to work within, we are not simply handing out dollars. the problem america is not that people are taxed too much, the problem is that we spend too much dollars, that s why we have a deficit and that s why we have debt. our effort is to lower the tax rate for as many people as possible with our focus being on mi ....
Until 2019. senators are still reviewing it. the house s top democrat is accusing the gop of rushing. why don t we do it where there s the least opportunity for people to review it? it s very fast. very fast. speed of light, the dark of night. back rooms. there s plenty more argument up here on capitol hill with two tax reform plans being unveiled and shown to the public, shep. shepard: mike emanuel on the hill. thanks. for more on the gop plan and how it can affect you, let s bring in gerri willis. what do you see? a lot going on. the senate version. i wanted to get some numbers first in here and how this impacts middle class folks. there s more information on that you should know. the republicans have been saying all along that family of four earning $59,000 would get a tax deduction of $1,182. we heard that a number of times. guess what? when you work that out over the ....