Republican lawmakers will unveil a long-awaited tax reform plan this week that is, most importantly, a tax cut, House Majority Leader Kevin McCarthy said Tuesday.
"We have a lot on this tax plan," the California Republican told Fox News' "America's Newsroom" about the tax bill, which will be released on Wednesday. "For every American, we're doubling the standard deduction. What does that mean for an individual? Instead of the first $6,000 [in income] being tax free it's $12,000 and for a couple, it will be $24,000."
The tax bill also will lower the corporate tax rate so America stays competitive, said McCarthy.
"What this really means is that America will be competitive, more money in your paychecks, and you could actually save more than you ever have in the past," said McCarthy. "More jobs for America, and it's fair for all across the country."
"This will be life changing," he also said. "More money into the paycheck, more individuals going to work, and a fair process. Think about that. "
McCarthy said he also does not think there will be many changes when it comes to Americans' 401K plans, except they will be allowed to put more money away.
Local and state tax deductions also will be "fair" nationwide, said McCarthy.
"Should somebody subsidize for another state?" the lawmaker continued. "When you look at the high state taxes which I come from one, California, what we do is we double the standard deduction. That will take care of a lot."
He said he also thinks Republicans who would not vote for the House budget last week will be "excited" to see the tax bill, as will Americans when they see it.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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