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Its Out! Republicans Just Unveiled Their Tax Plan – Heres All The Key Points To Know

NTK NETWORK

Republicans and administration officials working on the fine details of a tax reform package made progress last week, setting up possible action this week.

Republicans in Congress may take a budget vote this week that would pave the way for tax reform, a major party and Trump administration priority.

Of course, the effort can also be seen as a massive tax cut, depending on who’s talking about the plan.

The Hill reported on Monday morning that the House is expected to vote on a budget this week that would “pave the way” for passing tax reform “by a simple majority.”

The House is set to vote this week on a fiscal 2018 budget, which will pave the way for Republicans to pass tax reform by a simple majority and avoid a Democratic filibuster.

Congressional and administration leaders released their framework for tax reform last week. It includes:

  • Lowering the corporate tax rate from 35 percent to 20 percent
  • Reducing the seven individual tax brackets to three (12 percent, 25 percent, and 35 percent)
  • Doubling the standard deduction, to $12,000 for singles and $24,000 for married couples
  • Scrapping expensive tax deductions, “incuding the state and local tax deduction”
  • Repealing the estate tax, also known as the “death” tax

Budget hawks like the Committee for a Responsible Federal Budget (CRFB) have warned the plan could add $2.2 trillion to the $20 trillion national debt over the next 10 years.

Indeed, President Trump is calling the plan a “Tax Cut,” first and foremost:

The tragedy in Las Vegas makes the current timeline on this effort subject to change.

NTK NETWORK
NTK NETWORK

NTK Network is a unique news website that brings together data points from all platforms to tell the whole story. No single news report, photo, or video shows the complete picture. Instead, they have different sources and angles that provide glimpses into a moment. NTK is dedicated to bringing all those angles together so our readers have a complete understanding of what is happening. Today, the amount of information available to readers is overwhelming. NTK wants to break through that. At the same time, we work with partners and organizations to provide content that is unique and original to our audience.

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