John Thune: People can calculate their own tax savings based on Republican plan

Sen. John Thune said Friday that people can do the math on the tax bill to find out what they’ll save under the Republican plan.

“I just ask people, you know, sit down and look at your own tax circumstances, plug in your numbers into your tax return — if you double the standard deduction, if you double the child tax credit, if you get the benefit of the lower rates. An average family of four with a combined annual income of $73,000 a year is going to see a reduction of about $2,200,” Mr. Thune, South Dakota Republican, said on CBS News.

Mr. Thune said multiple studies on the plan show varying degrees of results, but people can generally have an idea of what they’ll save if they do the calculations based on their past tax filings.

“Everybody’s circumstances are going to be different, but if you’re on the lower end of the income scale, with that doubling of the standard deduction, I think you’re going to see a dramatically lower tax bill,” Mr. Thune said.

Republicans say they still plan to have their tax bill done by the Christmas deadline.