WASHINGTON (WSAV) – House Republicans are unveiling their long-awaited plan to cut taxes.
The plan shrinks the number of tax brackets, doubles the standard deduction, but also eliminates some tax breaks.
“With this plan, we are getting rid of loopholes for special interests and we are leveling the playing field,” says House Speaker Paul Ryan, R-Wis.
Speaker Ryan says to do that, Republicans plan to:
- Shrink the number of tax brackets from 7 down to 4
- Nearly double the standard deduction for most filers
- Boost the child tax credit an extra $600
President Trump insists the plan will benefit every taxpayer.
“We’re going to give the American people a giant tax cut for Christmas,” says Trump, “We are giving them a big beautiful Christmas present in the form of a tremendous tax cut.”
The president says he’s thrilled with the tax plan presented today, but he’s going to leave it up to Congress to figure out the final details.
It is those details, however, that Democrats say will hurt middle-class Americans.
“What they give you with one hand, they take away the other. They are raising taxes again on millions of middle-class families,” says Rep. Nancy Pelosi, D-CA.
The president of the National Association of Home Builders, Jerry Howard, agrees. He says some homeowners will see their mortgage deductions vanish.
The House is expected to move the legislation forward quickly. The White House would like to see tax cuts signed into law before Christmas.