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The House passed a 2018 budget resolution last week along with the Senate Budget Committee, two crucial steps to start tax reform. It’s an opportunity for President Donald Trump and the Republican lawmakers to hold a promise after they couldn’t repeal Obamacare.
The GOP has the majority, but just like with Obamacare, there are divisions within the party that could prevent tax reform from happening.
Concern - Class - Taxes
The top concern is to make sure that the middle class will not have to pay more in taxes.
The child tax credit is one of the main things within the nine-page framework that has worried Republicans. From Bloomberg:
Example - Lack - Specifics - Tax - Credit
As one example, the lack of specifics on how much to raise the child tax credit by has led to “frustration” among GOP lawmakers, said Representative Chris Collins, a New York Republican and ally of President Donald Trump. The early concern previews the political arguments that will surround tax legislation as Congress focuses in on it.
Collins said more specifics about GOP plans to increase the child tax credit would make the benefit for middle-income families clearer. Instead, Republican lawmakers are fending off attacks that some middle-income families would be hurt because the plan calls for eliminating dependent exemptions and the state and local tax deduction.
Republicans - Earners - Earners - Taxes - Alabama
“We are committed, the Republicans are committed — middle-income earners and even upper middle-income earners are not going to pay more in taxes, whether you live in Alabama, or whether you live in New York or New Jersey,” Collins said during a Bloomberg TV interview on Friday.
This is what the framework says:
Tax - Filing - Tax - Relief - Families
To further simplify tax filing and provide tax relief for middle-income families, the framework repeals the personal exemptions and significantly increases the Child Tax Credit. The first $1,000 of the credit will be refundable as under current law.
In addition, the framework will increase the income...
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