The tax reform plan crafted by House Republicans would add $1.7 trillion to the debt over the next decade, according to a brief analysis released Wednesday by the nonpartisan Congressional Budget Office (CBO).
The projection could be a problem for Republicans because they are using special budget reconciliation rules to avoid a 60-vote threshold in the Senate and those rules required that the bill only increase the federal debt by $1.5 trillion over 10 years.
House Republicans unveiled their tax overhaul last week, and have been marking up their legislation in committee this week. Senate Republicans have not released their proposal yet. Several GOP lawmakers in the House have already come out against their colleagues' plan.
The plan would reduce tax rates for low and middle-income Americans and doubles the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples. The bill would eliminate certain taxes, like the Alternative Minimum Tax and the so-called "death tax."...
...It would lower the corporate tax rate to 20 percent, which the talking points say are the largest reduction for the U.S. corporate tax rate in history. It would also lower the tax rate on "hard-earned business income of Main street job creators" to no more than 25 percent, the talking points say... More ... (CBS News/MSN - 8 Nov 2017)
The CBO is a leftist, deep state org that is all in for big government. Their assessments are always shady, on the communist side of things.
When Reagan lowered taxes in the 80s, tax revenue nearly tripled. They know low taxes brings in more money, the left intent on communism, which makes all people captives of the state.
There is far more to tax formulas and deficits than meets the eye. Spending is the big problem. Trump understands the problems better than almost any of them, save Ron Paul. This tax reduction is very advantageous to the people.
Bill Clinton enjoyed the benefits of Reagan's work and also stole the social security trust fund to make himself look good. Things aren't what they seem. Newt Gingrich forced Clinton to balance the budget.
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