Bigger Paychecks for Americans Could Come Starting in February

Congressional Republicans are just days away from finalizing landmark tax legislation.

They're hoping to come up with an agreement that will win approval in both the House and Senate.

President Trump says he's expecting to sign a bill that provides bigger paychecks for all Americans starting early next year.

At the White House Wednesday, President Trump announced a big tax cut for all Americans is just days away – a major campaign promise kept.

The president said it will be a "truly amazing victory for American families."
 
"If Congress sends me a bill before Christmas, the IRS – this is just out – this is breaking news – has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February," the president explained.
 
Tax bills have already been passed by each house of Congress. This week, a conference committee began working out differences between the Senate and House versions.
 
"We want to give you the American people a giant tax cut for Christmas. And when I say giant, I mean giant," President Trump said.
 
Here's what congressional Republicans have worked out so far:
 
– Starting in January, the business tax rate will be cut from 35 to 21 percent
– The top individual tax rate will be reduced from 39.6 to 37 percent
– Deductions for state and local income and property taxes will be allowed, but limited to no more than $10,000
– The standard deduction for married couples will be basically doubled to $24,000, and $12,000 for singles
– New mortgages can be deducted up to $750,000
– And the Obamacare mandate that forces people to buy insurance or pay a penalty will be repealed
 
Democrats argue the Republican plan will benefit the rich at the expense of working class Americans.
 
"The public knows about this bill. They don't know all the details, but they smell what's going on: tax cuts for the wealthiest, no help for so many in the middle class," Senate Minority Leader Chuck Schumer, D-N.Y. insisted.
 
Not so, say congressional Republicans and the president.
 
Also at the White House Wednesday, the president introduced a middle class American family of four, the Kovacs family from Lebanon, Ohio.        

President Trump said the tax bill will save them about $3,500 per year.

Adam Kovacs explained what he intends to do with the money.

"We have home renovations that we want to take care of and hopefully save for our two children to go to college," he said.
 
Republican lawmakers are hoping to vote on a final version of the tax bill next week.
 
"This is only a small beginning to the incredible things that our people will achieve over a very short period of time and the tremendous heights that we will reach  economically and in so many other ways in our country everyday," said the president.
 
In addition to the tax cuts, President Trump has already taken another important step by reducing regulations on businesses. Republicans hope the combination of cutting both taxes and government rules will give the economy a powerful boost.