Newt Gingrich says that the GOP in Congress needs to pass the tax cut bill President Trump is endorsing in order to keep their majority in 2018.
Ideally, the bill will easily get through the House Ways and Means Committee and be passed by the full House before Thanksgiving. However, conferencing in the Senate may prove more difficult, given our smaller majority.
Republicans must therefore ensure the American people know how remarkably positive this bill is, making it extremely difficult for Democrats, especially those up for re-election, to oppose.
Under the bill, lower- and middle-income earners will be able to keep more of their hard-earned income because the standard deduction would be nearly doubled from $6,350 to $12,000 for individuals and from $12,000 to $24,000 for families.
This means anyone who makes $12,000 or less – which is roughly the federal poverty level of $12,060 for individuals – will pay no income taxes. The typical family of four that earns the median household income of $59,000 will see a $1,182 tax cut, according to the Ways and Means Committee. Additionally, families will see the Child Tax Credit increase and those caring for adult dependents will be provided with a $300 credit.