Republican Tax Bill Explained

The House Republicans have revealed their tax reform bill. Cenk Uygur and John Iadarola, the hosts of The Young Turks, tell you what’s in it. Tell us what you think in the comment section below. Join TYT

“After months, even years, of outlines and blueprints and “frameworks,” Republicans in the House of Representatives finally released their first attempt at an actual tax reform bill on Thursday.

While the broad strokes of the Tax Cuts and Jobs Act were telegraphed weeks, if not months, in advance, this is the first time Republicans in any branch of the federal government have described their tax plan in enough detail that it can actually be debated, scored by the Congressional Budget Office so its cost and effects on the rich and poor are known, and voted upon by the House and Senate.

The legislation seeks to dramatically cut taxes on corporations and consolidate benefits like personal exemptions, the standard deduction, and the child credit for individuals. It would eliminate the alternative minimum tax and estate tax, and pare back certain individual deductions. It would also offer a new low tax rate for owners of “pass-through” businesses like LLCs and partnerships, whose income from their businesses is taxed as personal income.

The bill in its current form would almost certainly give disproportionate benefits to wealthy Americans, who tend to benefit from corporate tax cuts more than non-wealthy Americans and who could likely exploit the pass-through rate by setting up dummy corporations. People earning between $400,000 and $1 million would face a significantly lower top income tax rate.

But the bill will almost certainly not remain in its current form. As written, it is almost guaranteed to increase the budget deficit by trillions over 10 years, and quite possibly keep increasing the deficit after 10 years are up.”

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Hosts: Cenk Uygur, John Iadarola

Cast: Cenk Uygur, John Iadarola

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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)