Political Quotes

“Good news--you will be glad to hear those tax cuts continue. If your family is making $50,000, two kids, you will see a 36-percent tax cut. If you are making $165,000 a year, two kids, you will get less of a percent--an 8-percent tax cut. That is all included in the legislation. The big change, as we talked about earlier--and I know you have it in front of you--is that there is now this deduction for property taxes. It is a $10,000 cap on that deduction. As you know, if you look at the entire SALT, which are the State and local taxes and property taxes, about 50 percent of that benefit goes to families making over $200,000 a year. In this one, the property taxes capped at $10,000 will be much more targeted to the middle class. I think it is fair to say to my colleague from Oregon that he will see more middle-class tax relief from that, and that will be something that will help middle-class families. There is no change in terms of those tax cuts because those brackets--the reduction of the tax rates, doubling of the standard deduction, the doubling of the child credit--are all in the legislation.”