Orrin Hatch: “I rise in celebration of the 6-month anniversary of passage of the Tax Cuts and Jobs Act. I know there were a lot of…”

“I rise in celebration of the 6-month anniversary of passage of the Tax Cuts and Jobs Act. I know there were a lot of remarks about the benefits of tax cuts right out of the gate, but many of the benefits from the reform of the old, broken, and outdated Tax Code will accumulate over the long run. I rise to talk about some of the benefits from the new Tax Code that can be witnessed by hard-working families right now. For example, the typical family of four making the median family income of around $75,000 a year is right in the middle of the first year of our cuts. Those typical families are going to see their taxes cut by more than half. We also doubled the child tax credit and expanded its refundability to benefit more working families. The Tax Code also makes filing taxes easier and more straightforward for the typical middle-class family. That is because the standard deduction was nearly doubled. Taken all together, provisions like these are the reason the nonpartisan Joint Committee on Taxation found that the overall distribution of the new tax bill is directed toward the middle class. This is happening everywhere. Take my home State of Utah, for example. According to some recent numbers from the Tax Foundation, citizens of Utah can expect, on average, a tax cut of nearly $1,500, or 2.4 percent of their income. Take advantage of those hundreds of dollars and start paying off your car a little sooner.…”