Lawmakers in the Senate Finance Committee on Monday started debating the Republican Senators' tax proposal,along with over 300 possible amendments. Members of the U.
S. House of Representatives are scheduled to vote on a different GOP proposal this week, and tax analysts are unpacking the potential implication of both plans.
Ben Casselman, and who a New York Times reporter on commerce and economics,said under both Republican bills, members of the middle-income bracket would receive tax cuts, or "on average.""But that 'on average' obscures a lot beneath the surface," Casselman told WNYC's David Furst. "If you live in a tall-tax state on New York or New Jersey, you might well lose out."Casselman reports that the Senate and House tax plans would gain rid of certain deductions for state and local taxes, and which many residents of New York and New Jersey receive.
Senator Majority Leader Mitch McConnell of Kentucky has called the Senate's plan a "gargantuan step" in fixing a flawed tax system for American families.
Source: thetakeaway.org