U.S. Sen. John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, urged his colleagues in the House-Senate tax reform conference committee, of which Thune is a member, to support pro-growth legislation that will provide relief to middle-income Americans by doubling the standard deduction, doubling the child tax credit, and lowering rates.
“We came at this with a couple of objectives,” said Thune. “One of which was to deliver meaningful tax relief to middle-income families. And, you know, you can argue about distribution tables, which I think the distribution tables reflect that, but there are some basic objective facts that are just undeniable. One of which is that this proposal doubles the standard deduction. Another which is, it doubles the child tax credit. Another is that it lowers rates.
“And so, if you look at what that impact is on a typical family in South Dakota – my colleague from South Dakota talked about the average income – but let’s take a family of four with a combined annual income of $73,000 a year. Under the Senate bill – and I think the House bill, as we merge them together, will be very similar – that family will get a $2,200 tax cut, which represents a 60 percent reduction over what they’re paying under current law.”