GOP proposes tax plan to increase American families' income by $4,000.
House Republicans are introducing a tax package that includes tax breaks for small businesses and individuals, aiming to put an additional $4,000 in the pockets of American families. The Tax Cuts for Working Families Act provides a bonus guaranteed tax deduction of $4,000 to married couples filing jointly who make up to $400,000 per year. The Small Business Jobs Act aims to cut red tape for business owners and raise the $600 threshold to $5,000 for filing a 1099-MISC form. The plan also seeks to expand tax breaks for corporations investing in startups and extend key policies of the Trump administration’s Tax Cuts and Jobs Act.