Senate Finance CommitteeVerified account

Chairman @SenOrrinHatch: This #taxreform bill “will provide much-needed tax relief to American workers and families. It reduces rates across the board, particularly for…the middle class who have struggled to get through the past eight years of economic stagnation.”

Hatch: “The bill also expands the child tax credit from $1,000 to $1,650 and substantially lifts existing income caps on the credit, allowing many more parents to claim the credit.” #taxreform

Hatch: Under our bill, a family of four making the U.S. median family income of around $73,000 a year will see their federal income taxes reduced by nearly $1,500 per year or keep about $125 more in take-home pay every month. #taxreform

Hatch: My Democratic colleagues have asked us to keep the adoption tax credit, the deduction for medical expenses and the Earned Income Tax Credit (EITC)—all of which are maintained in this bill. #taxreform

Hatch: Democrats, from Ranking Member Wyden to President Obama, have supported #taxreform efforts that substantially lowered the corporate tax rate.

Hatch: Members of both parties also agree it’s time the U.S. move toward a territorial tax system. Our current worldwide system chases jobs and investment abroad. #taxreform

Hatch: This proposal is “designed to grow our economy, increase wages, promote the expansion of businesses, and…create jobs.” #taxreform