The long-awaited Republican tax reform plan may be doomed to failure before its unveiling due to a proposed elimination of certain tax-deductions.
What does the bill propose?
The bill proposes a lower tax rate for both individuals and businesses, but also suggests the cuts will be “paid for” by eliminating tax deductions such as the popular 401(k) deduction.
Dana’s take —
“You’re not paying for a cut, it’s your own money … maybe they could spend less,” said Dana to GOP Consultant John Hart, guest on today’s show. She added, “The next time — so help me — I hear another Republican say ‘we gotta pay for these people’s tax cuts,’ I’m gonna get mad. I don’t riot but I might go to The Gap and knock over a sweater set tower, I don’t know.”
“The question we have to ask ourselves is: do we want to use the tax to pick winners and losers?” said John. “Or should the tax code perhaps be used to raise the absolute minimum amount of revenue necessary to perform government’s essential functions?”
Watch the video clip above to get the whole scoop.