Congress at odds over benefits of tax reform
The Republican party is in need of a major legislative win after failing to overhaul the Affordable Care Act.
The main point they’re touting their tax reform bill will do – help middle class families.
According to the Trump administration, those families will greatly benefit.
“Now we’ve doubled the standard deduction, so your first $24,000 of income is tax free,” Marc Short, White House director of legislative affairs, said. “We’ve also doubled the child tax credit, so if you’re a working family with children, you now get a $2,000 credit per child.”
But Democrats argue that the tax plan helps big corporations – and is toxic for the economy.
“Most of this bill is just about a corporate tax cut,” Lloyd Doggett, D-Tex., said. “The sugar coating has been added to make it a little easier to swallow. I think it’s a job killer, that it will not grow our economy, and so do most economists that have looked at it.”
Tax reform isn’t the only thing on lawmakers’ minds. A deadline fast approaching – funding the government.
They have until this Friday to pass a budget or an extension – or face a shutdown.