WASHINGTON, D.C. (NBC News) – House Republicans are finalizing their tax reform plan and bracing for a fight from Democrats, as well as Senate Republicans now pushing their own version.
The Senate bill would eliminate state and property tax deductions, a hard hit for people in big cities, but keep deductions for medical expenses ended in the House plan.
It would also delay corporate tax cuts until 2019 rather than going into effect next year.
Both plans promise relief for the middle class and a simplified tax code.
The White House, meanwhile, is vow to veto any bill that raises middle class taxes.
Many see the fight over tax reform as a must-win. Some Republicans are predicting doom and gloom if they walk into an election year with nothing done.
“The base will fracture, the financial contributions will stop, other than that it’ll be fine,” says South Carolina’s Senator Lindsey Graham.
Read more: http://nbcnews.to/2hipx6I
© 2024 KOBI-TV NBC5. All rights reserved unless otherwise stated.