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On Thursday the House had passed a tax overhaul with a vote 219 to 206.The blueprint for a tax budget plan will overhaul the tax code which hasn't been done since Reagan was president(New York Times). As of right now the President and the Republican in Congress need to discuss the contents of the new reform.
This tax overhaul would allow for the approval of a tax bill with only 51 votes instead of the 60 votes that would usually be needed in the Senate. According to the Chicago Tribune this bill includes a 5 trillion dollar in spending cut, and a promise to cut Medicaid by about 1 trillion dollars over ten years. The Republican party is saying that this reform will increase economic growth by about 3 percent and will add new tax revenues.
As of right now there are huge debates between Democrats and Republicans. Bernie has been quoted saying "In order to pay for these huge tax breaks for millionaires and billionaires, this Republican budget makes savage cuts to the life and death programs that mean so much to ordinary Americans". Democrats argue that in order to fund for the tax cuts for the wealthy, the new tax reform will cut funding for programs such as Medicare. Republicans such as Diane Black is hugely supportive of this new tax reforming saying "through reconciliation, our budget specifically paves the way for pro-growth tax reform that will reduce taxes for middle-class Americans and free up American businesses to grow and hire,". Many Republicans consider these tax cuts as necessary because the national debt continues to grow and without cuts in spending it would be hard to cut the deficit. What are your thoughts?


































