Graham says Tax Cuts are a ‘Christmas Present’ for Working Families

U.S. Senator Lindsey Graham (R-South Carolina) recently commented on the Senate passage of the Tax Cuts and Jobs Act. “I am very pleased that the United States Senate passed a desperately needed tax cut for working American families and for our business community. From a South Carolina point of view, the average working family is going to see a $2,300 tax cut. That’s money to help raise your kids and do things you need to do with the family budget. This tax cut is going to help grow the economy. It’s going to make a real difference to working families. I’m proud to have been a part of it. I believe by the end of this year, we’re going to have a Christmas present for working families by lowering taxes. And we’re going to make our business environment more competitive.” The Senate’s Tax Cuts and Jobs Act will double the standard deduction for an individual, from $6,350 to $12,000 and for a married couple, it goes from $12,700 to $24,000. The child tax credit is doubled from the current $1,000 to $2,000, and more parents are allowed to claim the credit. Individual tax rates for middle-income Americans are reduced. It repeals Obamacare’s Individual Mandate. It also makes permanent the 20% corporate tax rate as well as shifts in the structure of the international tax system.