A Heritage Foundation Finding Suggests That Every Household Will Receive A Tax Cut This Year

A Heritage Foundation Finding Suggests That Every Household Will Receive A Tax Cut This Year

Recently, the Heritage Foundation published a research finding stating that the average household, in every congressional district and state in the United States, will receive a tax cut this year as a result of the Tax Bill (The Tax Cuts and Jobs Act) that was passed by President Trump.

Additionally, the Heritage Foundation even created an interactive map where readers can see how much the average household will save in taxes for every congressional district in the country. All you have to do is click on the state that you want to learn more about, and the figures will show up.

“These benefits could be even greater if the tax law is made permanent and could disappear if the tax cuts are repealed,” Heritage found.

The Heritage Foundation’s research paper found that the average household will receive a tax cut of roughly $1,400 per year, and for married couples with two kids, that number jumps to about $2,900 per year.

The Heritage Foundation has also estimated that the average taxpayer will see an increase in take-home pay, over the course of 10 years, of roughly $26,000, and for families of four, that number is $44,000. This rise in take-home pay is predicated upon the economic growth that the tax bill is forecasting to have on the American economy as a whole.

“Lower-income communities benefit from the TCJA due to the increased standard deduction, the reductions in marginal rates, and the expanded child tax credit,” Heritage researchers stated. “Repealing the TCJA, a goal that some advocacy organizations and congressional candidates have proposed will eliminate these benefits for residents of lower-income congressional districts.”

Whether you owe money to the IRS or you have a State tax debt, our staff of Enrolled Agents and Tax Attorneys can help. We have experience negotiating with the IRS in all 50 States.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top