Republicans propose new tax code

Washington, D.C. (NBC News) โ€“ Republicans are promising a simpler, cheaper way to pay your taxes, but the roll out was short on details – including how to pay for it.

Taxes you can pay with a postcard. That’s the promise from Republicans. “A middle class miracle. This is a revolutionary change, and the biggest winners will be the everyday American workers as jobs start pouring into our country,” said President Donald Trump.

Here’s the plan: business taxes – slashed to 20 percent, individual taxes – narrowed to three brackets. “The top rate on the wealthiest comes down, and the bottom rate on working class goes up. What kind of plan is this?” asked Senator Chuck Schumer, (D) New York.

But easing your tax burden is expected to cost trillions of dollars. “They have to find a way to pay for it if they want to make it work,” said Maya MacGuineas of the Committee for a Responsible Federal Budget.

“This is a now or never moment,” said House Speaker Paul Ryan, (R) Wisconsin.

Democrats urging the majority to not do it alone. “Let’s have hearings. Let’s have people,” said Senator Patrick Leahy, (D) Vermont.

Republicans insist their plan will create jobs and growth. They want to get it done by the end of this year.

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