The Rush to Reveal

WASHINGTON D.C. - Last Thursday house republicans voted on a budget resolution that allows $1.5 trillion of deficit spending to finance tax cuts, and things are going to move at a fast pace for Congress as they rush to get the final adjustments and reconciliation to their advantage to fast track promised tax cuts.

House Ways and Means Committee Chairman Kevin Brady has promised to reveal his tax plan this week. On Wednesday, November 1st, Brady will reveal his 1,000 page tax reform. This will be the first tax code rewrite since the Regan Administration.

Republicans want to fast track to pass two separate bills by November 23. Their goal, along with President Trump, is to have their first major legislative win but January .

So what will the Tax Reform Bill bring?

Well, it's expected that 80 percent of cuts are supposed to go to the wealthiest 1 percent of Americans. Republican legislation could also eliminate some of the most popular tax breaks that help pay for lower taxes. Their goal is to lower tax rates. But these are just some of the proposals.

Overhauling the tax code is very tricky. It's easy to make proposals but actually making these work is the tricky part. Right now the biggest question being asked is how the big business tax cuts are going to be paid for that is expected to be up to $6 trillion in cuts.

"The road ahead is bumpy and riddled with potholes," Isaac Boltansky, senior policy analyst at Compass Point Research & Trading.

Another major question being asked is who is going to be supportive of the bill.

Though the bill hasn't been unveiled yet, the National Association of Home Builders has already opposed it. They're going against the GOP saying the bill could affect home mortgage deductions.

The future of the Tax Reform Bill is still unclear. Though it was promised that November 1st is the revealing of the bill, will it actually be enough time for House Republicans? And the question still remains on how tax cuts are going to be paid for.