This July 4th not only marks the 250th anniversary of our nation’s founding. It also marks the one-year anniversary of the Working Families Tax Cuts (WFTC).
The legislation, passed by Republicans in Congress and signed into law by President Trump, provided historic tax refunds this year. Some of the accomplishments in the first year of the WFTC include:
- $82 billion in total tax relief received by all filers this year;
- An average refund of $3,400;
- Over 7.5 million workers claiming no tax on tips;
- Over 29 million claiming no tax on overtime; and
- Nearly 40 million families who claimed the enhanced Child Tax Credit.
As a result, the WFTC reduced the share of taxes paid by low and middle-income earners. Many hard-working Americans are able to keep more of their income – to spend, save or invest as they deem appropriate. Celebrating the one-year anniversary of the WFTC means celebrating a landmark moment, one that fortifies the American economy and enhances the prosperity of workers, consumers, and families.
