GOP Tax Plan Could Add $2 Trillion To Deficit

Income groups’ share of population vs its share of tax cuts proposed by Tump

That comes to $90,000 apiece, compared to an average tax cut of $240 for the bottom 60 percent of Americans. Perhaps bowing to the inevitable hue and cry, Faso says that New Yorkers should not have to pay taxes twice, once to the state and localities and then to the federal government. More than a dozen House Republicans represent districts in California, New York and other high-tax states where residents would be most hurt by eliminating the deduction. But those numbers aren't distributed evenly. Here's how it works: up to now, you could lower your tax liability by deducting your state and local taxes from your income. The state's top 1 percent, on the other hand, would get a $74,470 annual windfall.

"Everyone knows that's a shot at the blue states; it's payback, that's what this is all about", Arnesen said.

As you might imagine, this isn't the most common deduction, as most Americans don't have unreimbursed medical expenses that exceed 10% of their incomes. Eliminating it would wallop blue states such as California, New York and IL while leaving red states such as Texas relatively unscathed. Mitch McConnell (R-KY) and Rep. Paul Ryan (R-WI) - and even President Donald Trump - have pushed healthcare and tax reform plans that Paul has stood firmly against.

McConnell's and Ryan's lackluster leadership styles have also exacerbated the tension that now permeates the Republican Party. He wants to create a homeowner deduction, which would basically merge the current mortgage interest deduction with the property tax portion of the SALT deduction. In his view, SALT alone is likely to "kill the Republican plan as it is".

As President Trump begins a barn-storming tour to tout his tax plan, we've released a short video rebutting some of the most common Republican myths about corporate tax cuts.

It would allow for the national deficit to increase $1.5 trillion over the next decade. We will fight any tax plan that has any resemblance to what Republicans have put forward.

"Our nation needs a simpler, fairer, and more transparent tax system that will leave more dollars in the pockets of working families", said Committee Chairman Mike EnziMichael (Mike) Bradley EnziThis week: Congress gets ball rolling on tax reform How the effort to replace ObamaCare failed Senate GOP budget paves way for.5T in tax cuts MORE (R-Wy.). That question is now a dark cloud hanging over Republicans as they seek to overhaul the tax code.

The real-world trajectory of Washington, however, is for higher deficits as Republicans focus on tax cuts, a huge hike in the defense budget, and a growing disaster aid tally that is about to hit $45 billion.

And Dunn says if President Trump's ratings continue to go up as they have recently, that would be a good omen for Republicans heading into 2018.

Nearly 2 in 3 Democrats (64%) and more than half of Republicans (55%) say they have "just a few" or "none" close friends who are Republicans or Democrats, respectively.

In short, Trump's tax cuts would be like a rocket ship - but only for big corporations and the 1%. Yet they're taking another whack as part of a tax-code rewrite. And No. 2, if you don't have this done by December 31, we're going out, we're recruiting opponents, we're maxing out to their campaigns, and we're funding super PACs to defeat all of you, ' Ayers advised. Its record of hostility to any GOP tax reform that cuts tax rates shows the opposite.