Its Out! Republicans Just Unveiled Their Tax Plan – Heres All The Key Points To Know
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:
Democrats don't want massive tax cuts – how does that win elections? Great reviews for Tax Cut and Reform Bill.
— Donald J. Trump (@realDonaldTrump) September 28, 2017
The tragedy in Las Vegas makes the current timeline on this effort subject to change.