A Senate committee starts looking at the new Republican plan for tax reform today (mon). Missouri Senator Roy Blunt says on Fox News most of the relief will go to lower rates for businesses.
“If the ultimate purpose of that is to create jobs for people that are paid at the individual rate, that’s what we ought to be doing. More take-home pay now, more competition later.”
The Republican plan for tax reform would add to the national debt…at least at first. Blunt says he believes the economic growth that will come after the cuts will cancel out the early deficit.
“This is all based on growth that’s well below the 70-year growth average. So if we get anywhere near the 70-year growth average, there won’t be a deficit, there will be a significant surplus.”
More from The Associated Press:
The chairman of the House’s tax-writing committee is expressing confidence that his chamber won’t go along with the Senate’s proposal to eliminate the deduction for property taxes.
The GOP is moving urgently on the first rewrite of the U.S. tax code in three decades, but key differences promise to complicate the effort.
The House bill allows homeowners to deduct up to $10,000 in property taxes while the Senate proposal eliminates the entire deduction.
The deduction is particularly important to residents in states with high property values or tax rates.
Rep. Kevin Brady, chairman of the House Ways and Means Committee, says he worked with lawmakers in those states to ensure the House bill delivers relief.
The Senate’s tax-writing committee will wade through its newly unveiled measure starting Monday.