Liberals are furious over the newest tax cut deal.
The new cuts could mean $1.5 Trillion in savings over the next ten years. The two legislators leading this effort are Senators Bob Corker(R-TN) and Pat Toomey(R-PA).
The pair developed this plan to help with national finances in the long-term and they hope this helps the economy and national debt heal.
“Ultimately, my support will be contingent on a final package that generates significant economic growth and does not worsen but hopefully improves our fiscal situation,” Sen. Corker said.
Republican leaders have promised to release the outlines of their plans next week, paving the way for the tax committees in the House and Senate to begin hashing out details and for the budget committees to pass a 2018 spending plan that would unlock fast-track procedures, known as reconciliation, that they could use to avoid a filibuster.
With a one-vote Republican majority on the Senate Budget Committee, the agreement between Mr. Corker, a deficit hawk, and Mr. Toomey, who advocates even deeper tax cuts, was a crucial first step toward a blueprint.
Republicans complicated their schedule, however, by announcing a Senate vote on repealing Obamacare next week — smack in the middle of what they expected to be a chance to tout tax reforms.
“Everything gets in the way of tax reform, and we are going to have to be prepared to bulldoze through them,” Sen. Orrin G. Hatch, Utah Republican and chairman of the tax-writing Senate Finance Committee, told Bloomberg News.”
This new tax cut proposal has been very controversial and will be a very successful feat if it comes to fruition. Both sides of the aisle are going to have to compromise for that to happen. However, the GOP is not afraid to do it independently.
“Our aim is to make this bipartisan. We think it will make this a better bill. We think it’s better for our country to include their ideas, but at the end of the day, what’s most important is we deliver tax relief for the American people,” Marc short said on Fox News.