A big Republican tax plan is coming. Who wins and who loses?
We go to the biggest legislative push yet by the president and Republican Congress: to overhaul American taxes. Details slated to be released this week, with a lightning-fast push through Congress as the GOP dream. Who wins, who loses. This hour, On Point: We ask what to look for in the coming GOP tax plan. --Tom Ashbrook
Steve Wamhoff, senior fellow for federal tax policy, Institute on Taxation and Economic Policy.
From Tom's Reading List:
Bloomberg: Tax Plan Has Lobbyists Swarming, Lawmakers Asking What's In It? — "President Donald Trump has promised that middle-class Americans will be the biggest beneficiaries of the tax overhaul. But it remains to be seen which groups will lose their advantages — a necessary step to help pay for cutting tax rates. Even Republican members of Brady’s committee say they don’t know whether any decisions have been made."
Institute On Taxation And Economic Policy: GOP Tax Plan Will Mainly Benefit Millionaires — "Despite assurances from President Trump during his campaign and since he took office that his tax plan would not benefit the rich, the numbers say the opposite. The administration and Republican leaders in Congress certainly could drop the many parts of the plan that benefit the rich — but that has not even been discussed, and that certainly would not happen under this latest variation of their plan."
New York Post, via Brian Riedl: Yes, Tax Cuts Will Mainly Benefit Those Who... Pay The Most Taxes — "A popular Facebook and Twitter game asks friends to post an unpopular opinion. Here is an unpopular fact: Tax reformers cannot deeply cut income taxes for lower-income families, because they already pay no collective income tax."
This program aired on October 30, 2017.