.@LarryOConnor: “This is not what we were promised. This is not what the president campaigned on. It was supposed to be a tax cut for all.” pic.twitter.com/4gLgrrfHik
— FOX Business (@FoxBusiness) November 2, 2017
House Republicans released details of their long-awaited tax reform bill this morning. The Tax Cuts and Jobs Act seeks to establish a permanent 20 percent corporate tax rate, down from 35 percent, consolidates the number of individual tax brackets and eliminates a bunch of deductions and exclusions.
While the bill could reduce taxes for some lower-income Americans, it could actually push many upper-income households into paying more taxes. Actual figures have yet to be determined, though it has been suggested that lower-income households could also end up paying more due to the elimination of certain personal exemptions.
In other words, it’s a tax bill, with all of the political jiujitsu that usually accompanies a large piece of legislation. Some conservative have slammed the bill for being confusing and for failing to hold fast to one of the GOP’s key promises: lowering taxes across the board.
One such conservative is Mediaite’s own Larry O’Connor, who appeared on Fox Business Network this morning to call the bill “a mixed bag” before tearing into it for reneging on the key promise of tax cuts for all.
“This is not what we were promised. This is not what the president campaigned on. It was supposed to be a tax cut for all,” he said. “There’s something so clean, simple and great to communicate about that.”
“But now we are back to the federal government picking winners and losers.”
The bill would also repeal the controversial estate tax, starting in 2024, and the alternative minimum tax (AMT.)
The House Ways and Means Committee will consider the bill next week, with a separate Senate bill also arriving during the same time frame. Republicans hope to have something passed into law by Christmas.
Watch above, via Fox Business Network.
[image via screengrab]