After weeks of debate in both the House and the Senate, lawmakers in Washington, D.C. approved changes to the U.S. tax system this week.
The policy overhaul comes with a $1.5 trillion price tag for the federal government and has been spearheaded by Republicans, who hold the majority in Congress.
The voted today on the GOP’s tax bill. It tackles a range of sweeping tax reforms including changes to corporate tax rates, the child tax credit for families, a repeal of the Affordable Care Act’s individual mandate and more.
The bill lowers taxes for 95 percent of Americans in 2018, according to the Tax Policy Center, but cuts for the country’s top earners are much higher than those for people who make less.
Over the weekend, President Trump said that the bill’s passage would be a great gift to the middle class, but a report from Congress’ Joint Committee on Taxation shows that on average, families earning $20,000-$40,000 a year would pay more in individual income taxes in 2023 and beyond.
What can Americans – and Texans in particular – expect from the GOP’s new tax plan?
- Congressman Lloyd Doggett, U.S. representative for the 35th district of Texas
- Mark Cochran, professor of law at St. Mary’s School of Law
- Tom Benning, reporter for the Dallas Morning News’ Washington bureau
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