WASHINGTON— Beyond delivering the first substantive reforms to our nation’s tax code since 1986, the Senate GOP’s tax relief plan will give millions of American families significant and tangible financial benefits. Let’s take a quick look at what the legislation’s $4,000 annual increase in household income would mean for middle-class families.
- Free Gas for a Year. Americans drive. A lot. This tax bill would give middle-class families the extra cash needed to pay for a year of gas, and still have nearly $1,500 left over. (Average American household uses 1,011 gallons of gas annually x Average price for a gallon of gas $2.48)
- 4.5 Months of Groceries. Families need to be fed, and groceries aren’t getting any cheaper. The Senate tax plan would provide families with needed extra income to literally put food on the table. (Average cost of groceries for family of 4: $871)
- 5 Night Vacation for 4. With years of rising costs and stagnant wages, American families are finding it more difficult to afford much deserved vacations. The Senate tax bill will let families enjoy a yearly vacation and still have $1,120 left over for a rainy day. (Average cost of 5 night vacation for 4: $2,880)
- 8 Months of Car Payments. Who wouldn’t want to avoid 8 months of car payments? The Senate tax bill lets families keep more of their hard-earned money for things that matter like those pesky car payments. (Average monthly car payment: $509)
- Nearly 4 Months of Mortgage Payments. Home ownership is a cornerstone of the American Dream, but for more and more families its becoming harder to achieve. The Senate tax bill will provide substantial financial relief for families across the country, and put them one step closer to affording a mortgage. (Average monthly mortgage payment: $1,030)
- 5 months of Day Care. Child care can be one of the biggest expenses for middle-class families. The Senate tax bill would take care of the cost of five months of day care to help put parents’ minds at ease. (Average annual in-center day care cost: $9,589)
- Home Heating Costs. With winter nearly upon us, folks in colder regions of the country are anticipating rising bills to heat their homes. The Senate tax bill would cover the cost of an entire winter’s worth of heat, and leave just over $3,000 for savings or other expenses. (Average cost for heating for a U.S. household this winter: $992)
“The $4,000 in added income middle-class families will see from tax relief will help them cover day to day expenses and save more for the future,” said NRSC Communications Director Katie Martin. “If red state Democrats oppose the Senate tax cut bill, they will be voting to take money out of their constituents’ pockets.”