Crapo: Tax Relief Gives Phenomenal Boost to Working Americans

Washington, D.C.— U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Finance Committee, led Senate Republicans in a news conference to highlight widely claimed new tax deductions and permanent pro-growth policies included in the Working Families Tax Cuts. To date, over 53 million filers have claimed at least one of the major new tax benefits and average refunds are up 11 percent compared to last year, helping hardworking Americans get ahead this tax filing season. Click HERE or above to watch Senator Crapo’s remarks. On new tax relief: “Of these new taxes, the largest proportional group getting the benefit is people making less than $50,000, and they have been focused on people in that zone. “So, let me go over that just a little bit. You can see on the chart here that the average refund size is over $3,400. That’s an 11 percent increase so far. No tax on overtime has had 25 million people engaged in it, and for no tax on tips, 6 million people have claimed it. The seniors deduction is up to 30 million people claiming it. “Filing season may be ending, but the benefits of the Working Families Tax Cuts are not.” On how Idahoans are responding to no tax on tips: “ Next time you go out to dinner, or go out to eat somewhere, why don’t you ask your server whether they are aware of the no tax on tips policy. “I know the answer, because every time I go out to eat and I’m recognized, I get thanked. They bring in the entire waitstaff and say, ‘Thank you for this.’ Then they start telling me their stories about what that means in their lives, just that one provision on tips.” On how tax code permanence boosts economic growth: “The law also made permanent the critical business tax provisions that have assured we will get capital formation, jobs, new businesses, new workers and higher wages in our economy. “The permanent R&D deduction, the 199A small business deduction, and the pro-growth reinvestment of capital in new equipment and new workers all make it so we have a phenomenal boost outside of the individual part of the tax code, which is generating the capital formation that drives growth in our economy. All these things are working.”