Cutting Health Care to Pay for Tax Cuts

Cutting Health Care to Pay for Tax Cuts
AP Photo/J. Scott Applewhite

Senate Republicans, led by Finance Committee Chair Orrin Hatch, unveiled major changes to their tax reform bill Wednesday night that transform the bill into a trade: Corporations get permanently lower taxes, paid for by tax increases and health care cuts for individuals.

Under the proposed changes, the bill's tax cuts and benefits for individual Americans would almost all sunset by December 31, 2025. That includes the increased child tax credit, the doubled standard deduction, the estate tax cut, repeal of the alternative minimum tax, and even the tax break for pass-through business income. Some revenue raisers on the individual side, like abolition of deductions for state and local taxes and the elimination of personal exemptions, would expire at the end of that year too.

Read Full Article »
Comment
Show commentsHide Comments

Related Articles