John Cornyn: “The lower rates from the Tax Cuts and Jobs Act from 2017…”

“This means that the 12 million Texas families who claim the standard deduction each year would have had to pay an additional $7,450 in taxes next spring without that legislation having passed. The lower rates from the Tax Cuts and Jobs Act from 2017 were set to expire at the end of this year. But the Working Family tax cuts made these lower rates permanent. In addition to the increased standard deduction and lower interest rates.” (06:09–06:17)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.