“GOP UNVEILS MASSIVE TAX CUT PLAN”
- Alex Seitz-Wald and Leigh Ann Caldwell, NBC News
NBC News reports on the introduction of the GOP tax legislation that kick-starts an aggressive timeline to pass tax reform before the end of the year. According to a summary of the plan, the bill would reduce the number of tax brackets, raise the standard deduction for individuals and married couples, cut the corporate tax rate to 20 percent, eliminate the estate tax after six years, repeal the deduction for state and local income taxes, limit the deduction for property taxes to $10,000, and expand the child tax credit to $1,600, among many other items designed to reform America’s tax code. Seitz-Wald and Caldwell report that Rep. Kevin Brady (R-TX) said passing the bill would be a way to “show the American people that the GOP can deliver on its promises,” while House Speaker Paul Ryan stated the bill will save “a typical family of four as much as $1,182 a year.”
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Regarding tax relief, RNC Chairwoman Ronna Romney McDaniel writes via the Independent Journal Review: “We could all benefit from a little extra money in our pockets” and President Trump’s tax reform plan is an “undisputable win for Americans and the economy,” that will help relieve financial burdens on families, put more Americans to work, and bring companies back to America.
On debunking false Democratic talking points, The Washington Post’s Glenn Kessler writes that "Democrats have spread far and wide the false claim” that middle class families will face a tax increase under the GOP tax reform plan, but it’s the opposite as “most families in that income range would get a tax cut.”
Regarding the President's Federal Reserve pick Jerome Powell, Bloomberg View'sMohamed A. El-Erian writes that Powell brings “continuity and experience” to the position and “will continue the Fed's policy of stepping back from unconventional monetary policies.”
At the Washington Examiner, Paul Bedard reports the American dream has returned as 82 percent of Americans believe they have “either achieved the dream or are on their way,” and the results of a Pew Research Center survey on the matter point to a “recovered economy and wealth of jobs in America,” as a driving force.
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