WASHINGTON (dpa-AFX) - 97 percent of Americans who filed their income tax returns this past filing season have received a tax cut, benefiting from the Working Families Tax Cuts, according to the U.S. Department of the Treasury.
President Trump and Republicans in Washington prevented a $5 trillion tax hike with this landmark legislation, and the American people had a record Tax Day because of it, it said in a press release referring to the Working Families Tax Cuts that President Donald Trump signed into law last year.
Data from this most recent filing season shows millions of American families and workers claimed expanded tax deductions and credits tied directly to wages, children, overtime, tips, and earned income.
The data further shows tax relief was concentrated among American families and workers earning under $200,000.
96 percent of filers receiving a tax cut earned less than $200,000.
Filers earning between $100,000 to $200,000 received an average tax cut of more than $1,250.
Nearly 70 percent of filers receiving a tax cut earned less than $100,000.
Filers earning between $50,000 to $100,000 received an average tax cut of more than $815.
Through the April tax filing deadline, American families and workers claimed more than $82 billion in individual relief directly from the Working Families Tax Cuts.
More than 7.5 million filers have claimed No Tax on Tips, with an average deduction of more than $7,000.
More than 29 million filers have claimed No Tax on Overtime, with an average deduction of more than $3,100.
More than 35 million seniors have claimed the Enhanced Deduction for Seniors, with an average deduction of more than $7,500.
More than 1.4 million filers have claimed No Tax on Car Loan Interest on their new American vehicles, with an average deduction of more than $1,800.
Nearly 40 million families have claimed the enhanced Child Tax Credit, which is permanently doubled and expanded by the Working Families Tax Cuts.
More than 127 million filers have claimed the permanently doubled standard deduction, simplifying tax filing for millions across the country, the Treasury said.
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