The First Tax-reform Since 1986 Is Looking a Little More Likely

The tax-reform is looking a little more promising. The house has just passed its 2018 budget resolution.However, this doesn't mean it’s a for sure thing.

19 republicans and all the democrats present voted against the resolution, however lawmakers approved the resolution for 2018 in a 219-206 vote.

This resolution helps shield the GOP Tax bill from a filibuster within the senate.

“We need to pass this budget so we can help bring more jobs, fairer taxes, and bigger paychecks...across the country” said speaker Paul Ryan. A tax reform now would be the first since 1986.

While the House passed its budget on the floor Senate moved its own version out f committee. This brought the ability for Senate to pass its package with nay 51 votes.

Using reconciliation republicans won’t need any democratic votes. However they're at liability if they do not have two members on board with them.

The reform has a brought a lot of debate on whether or not the tax reform will bring any economic growth.

Senate Bob corker believes the party should be more realistic. Corker does not want the tax package to add to the deficit, which he believes could force the party to have to make some serious and major tradeoffs in tax policy.

Without Corkers support, it will be hard for republicans to advance.

So what is all this gonna do for the country?

Well the tax reform framework presented by the GOP would cut the tax rate for the wealthy and also lower taxes for businesses.

The seven tax brackets would also be cut into three. The rates would then be 12 percent, 25 percent, and 35 percent.

The committee might even add a fourth bracket over 35 percent for the wealthiest Americans.

Now there’s talk about eliminating state and local deduction.

Right now, the biggest concern for everyone is adding too much to the deficit. The tax plan is already estimated to add $1.5 trillion to the deficit and this number would continue to grow if the state and local deduction is not eliminated.

A budget like this one is usually passed in spring, making House Republicans way behind schedule.

The spending budget the government is operating on runs out December 8th. In order to avoid a shutdown, Congress along with President Trump has to work quick before the deadline.