Senate Republicans will roll out their version of tax reform legislation on Thursday, and while the House, Senate, and White House have agreed upon a unified framework, there are some differences in how the Senate will approach some issues, Senate Republican Conference Chairman John Thune said Wednesday.
"By and large what you are talking about is a bill that's pro-growth," the South Dakota Republican told Fox News' "America's Newsroom" program.
"We're looking for economic growth. We want to get greater growth in the economy, creates better paying jobs, more take home pay for American workers."
So far, the analysis shown on the House bill says it will allow middle income families to keep $1,200 per year of their own money, said Thune.
"The Tax Foundation has said the bill will create a million new jobs and analysts have also suggested it will increase average annual take home pay for families in this country by $4,000," said Thune. "It's jobs, wages, more opportunity and bigger paychecks for Americans."
The senator said congressional Republicans want to pull together a bill soon that they can put on President Donald Trump's desk in hopes of reducing the tax burden for middle income families.
"It will be hopefully a bill that we can put on the president's desk that will reduce the tax burden for middle income families in this country that lowers rates, doubles the standard deduction. Expands the child tax credit," said Thune.
"Those are all features that are agreed upon by both the House, Senate and president that we think will make a difference in the lives of American families."
However, Democrats are pointing out that a fresh analysis on the tax bill predicts that tax cuts for lower and middle income taxpayers would fade over the course of a decade, said show co-anchor Sandra Smith.
"Analysis is being done and everybody comes to different conclusions, but the fact of the matter remains that the things that are the features in this bill — lower rates, doubling of the standard deduction, expansion of the child tax credit — are going to benefit middle income families," said Thune.
"Once those are put into law, they will continue. The goal, as I said earlier, is to ensure that we're one, delivering tax relief, lowering the tax burden on middle income families."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
© 2024 Newsmax. All rights reserved.