Republicans' Efforts to Advance President Trump's Tax Policy

SOURCE www.foxnews.com
Fox News reports on Republicans' efforts to advance President Donald Trump's tax policy through a new bill, projecting increased take-home pay for American families and higher wages for U.S. workers.

Key Points

  • CEA estimates tax cuts will boost investment and GDP
  • Failure to extend TCJA could lead to a tax increase for families
  • Projected increase in wages and take-home pay for families
  • Added tax deduction for seniors
  • Increase in U.S. investment and potential job creation
  • Impact of 'no tax on tips' and elimination of tax on overtime wages

Pros

  • Projected increase in take-home pay for American families
  • Projected higher wages for U.S. workers
  • Boost in U.S. investment and GDP
  • Potential creation of 4.2 million full-time equivalent jobs
  • Increase in tipped workers' pay and overtime workers' hours

Cons

  • Democrats accuse Republicans of potentially gutting critical programs like Medicaid and Social Security
  • Concerns about tax relief distribution across income brackets