Debate Continues as GOP Tax Plan Gets Closer to Reaching President Trump’s Desk
CHARLOTTE, NC – Debate continues as the GOP tax plan gets closer to reaching President Donald Trump’s desk.
This week lawmakers from the House and Senate will work to reconcile the bills passed in each chamber.
“Many of the folks who voted for it, don’t even know what’s in it. And that’s just a travesty,” says Congresswoman Alma Adams.
Adams held a town hall in East Charlotte Sunday night to lay out her concerns.
“I’m embarrassed and I’m certainly insulted for the people that I represent,” Adams says.
One of the biggest criticisms of the Senate bill is that most tax cuts for individuals would expire in 2025, while the corporate tax rate permanently be lowered to 20 percent.
“All of the goodies, all the things that are actually somewhat helpful to individuals are all set to expire in five years,” says Senator Mark Warner.
The Senate bill also eliminates the Obamacare mandate to buy health insurance.
“This bill, I believe will add over $2 trillion to the national debt, even with whatever growth comes from these tax cuts,” Warner says.
But Republican Senate Majority Leader Mitch McConnell argues the Senate bill would give $2200 in tax relief to the average family of four.
“We’ll see how unpopular it is when people start noticing they’re paying less in taxes, the economy is growing, they are more jobs and opportunity,” McConnell says.
The Senate’s bill keeps seven tax brackets but lowers the rates, while the plan passed by the House calls for just four brackets.
Both plans also increase the child tax credit.
“Our Democratic friends are apparently quite content with slow growth and little opportunity to improve your condition,” McConnell says.
Republicans hope to have a final version of the bill to President Trump for his signature before Christmas.