In the last two years, the Tax Cuts and Jobs Act has helped people all over the country. From raising wages, increasing employment and putting more money in the pockets of Americans, the TCJA has had lasting impacts. To look in more detail at these benefits we turn to Mississippians who have seen the TCJA work for them in all areas.
Firstly, according to a report by the Tax Foundation, households earning the average income of $43,529 received an average tax cut of around $829.67. This increase came in many different forms. According to Americans for Tax Reform, 211,210 Mississippi households are benefiting from the TCJA’s doubling of the child tax credit and 953,720 are benefiting from the TCJA’s doubling of the standard deduction.
Beyond just more money coming in from tax cuts, Mississippians have seen indirect benefits too. For example, on average, they paid lower utility bills in 2018. As we all know, the cost of electricity, water and gas can eat into a family’s income. With lower prices and more money as a result of the TCJA, these Mississippians were better off, improving their lives and the lives of their loved ones.
Mississippi is just one state of 50 that has seen incredible benefits like this from the TCJA. All over the country these lower costs and higher incomes are helping the American people achieve their dreams.