US Senate Finance Committee Chairman Celebrates Tax Reform Passage

Last night, we made history. For the first time in more than three decades, we cleared a comprehensive overhaul of the nation’s tax code and delivered on our promise of advancing pro-growth policies that will lift the economy and build a better future for the American people.    After the bill passed last night I spoke about what this will mean for Utah families  With this legislation, we maintained our commitment to creating a tax code that is both simple and fair. We lowered rates across the board and ensured that Utah’s businesses, both large and small, can succeed in an increasingly competitive global economy. Most importantly, we revamped the tax code in a way that empowers individuals and families to invest more in their future. The end result is better jobs, bigger paychecks, and higher savings. Democrats knew that tax reform would be a huge Republican victory, which is why they fought tooth and nail to oppose it. In doing so, they resorted to fearmongering and scare tactics to distract Americans from the truth. Progressive attacks grew increasingly unmoored from reality as the legislation reached the finish line. Take, for example, Nancy Pelosi’s last-hour prophecy that the tax plan would usher in “Armageddon.” If my bill marks the end of anything, it’s the end of an outdated, unworkable tax code that put America’s families and small businesses at a constant disadvantage. Let’s put hysterics aside for a moment to examine the facts: Under the new tax regime, the vast majority of Utah families will see a significant tax cut. Consider the estimated savings below from my staff, specific to Utah families: A family of 6 (with 4 children under the age of 17) making $60,000 a year could save approximately $2,424 A family of 4 (with 2 children under the age of 17) making $40,000 a year could save approximately $1,440.    A family of 8 (with 6 children under the age of 17) making $50,000 a year could save approximately $1,505 Below, you’ll also find a full table of estimates for families (married, filing jointly) with 0-10 children and incomes ranging from $30K to $100K a year.  It’s important to note that my staff could not find a single scenario in which a family within these salary ranges would pay more in taxes due to this tax reform proposal.    *these numbers are estimates for a sample range, but we believe they are representative of the positive impact Senator Hatch's tax reform proposal will have for a majority of Utahns.   I also encourage you to use the tax calculators below for more estimates how this bill could benefit you and your family: Tax Plan Calculator    Washington Post Tax Calculator CNN Tax Calculator   With my tax bill, the proof is in the paycheck. And Utahns will begin to see bigger paychecks as soon as February. Now that comprehensive tax reform has cleared Congress and moved to the President’s desk, we have secured a major victory for the American people. Sincerely, Orrin