The numbers are in from the nonpartisan Congressional Budget Office on the Senate Republicans’ tax plan and they could cause problems with its passage. It will add an estimated $1.4 trillion to the deficit over the next 10 years. In addition, it projects that it will have a negative impact on poorer Americans. By 2019, people making $30,000 a year would be worse off and by 2027, people making $75,000 a year would be worse off. Also, an estimated 4 million people will no longer have healthcare by 2019, and that number rises to 13 million by 2027. The Senate hopes to have a floor vote on the tax plan by the end of the week. Given the negative numbers of the CBO score, a question does come to mind. Should the Senate pass their tax plan as currently constructed?
Bloomberg Politics discussing the plans for the tax bill this week:
Should the Senate pass their tax plan as it is currently constructed? Will this plan improve jobs and wages? Or, is this a horrible plan that will hurt the poorest among us?