The GOP is backpedaling on their controversial new tax plan just days after it initially passed a procedural vote. The original GOP Bill was set to introduce massive tax cuts that many stated would mostly benefit middle class and upper class families as well as the rich. Instead, the GOP will claw back those tax relief efforts by nearly $350 billion over the course of 10 years. The move is a clear attempt to win over politicians who dispute the bill on the basis that such steep relief programs will significantly raise national debt.
Tax Plan Changes
- Despite significant support for the bill, Democratic leaders continue to share concerns over whether the new bill will benefit the right people. Many believe the GOP bill does little to benefit Americans who need it most – the disabled, low-income workers, seniors, veterans, and young families.
- The change is a direct result to what can only be called a “procedural ambush” by Sen. Bob Corker(R-Tenn.), who asserted concerns with the plan from the very beginning.
- Senate Republican Whip John Cornyn called the $350 billion tax relief clawback a “tax increase,” and expressed regret over the change. “We have an alternative, frankly, tax increase we don’t want to do to try to address Sen. Corker’s concerns.”
- Corker originally proposed built-in triggers that would provide protection in the event that the new bill had negative impacts on the economy or America’s financial future. Upon testing, it became clear that such a trigger would fail to provide adequate protection.
- Cornyn suggested that this could be the first of many relief clawbacks in an attempt to satisfy the masses. It wasn’t immediately clear exactly what this claim was suggesting or how far clawbacks could go.
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What are your concerns with the Tax Plan?