The Republican tax bill was unveiled Tuesday, the first major legislative achievement in President Donald Trump’s first year in office.
But while it’s expected to pass Congress, the legislation would only have a relatively small impact on the economy.
“There are still many unanswered questions,” said Peter J. Brown, a senior fellow at the Tax Policy Center.
“We have not seen an estimate of the effects that the bill would have on the labor market or the labor force.
The details of the bill are still being worked out.”
The bill’s impact on wages is not expected to be as big as other major tax bills passed in recent years.
The legislation would add $1.5 trillion to the national debt over 10 years, according to the Tax Foundation, and it would cause the U.S. to have to pay more to meet the needs of the elderly, disabled and poor.
And the legislation is expected to have a massive impact on business taxes, with the biggest increase likely coming from the elimination of the estate tax.
The Republican tax plan is a huge giveaway to the wealthiest Americans.
The bill is also expected to make it harder for middle-class Americans to access health insurance and would make it easier for companies to pass through profits to overseas subsidiaries.
The GOP plan would also dramatically cut taxes for the wealthy, making it harder to finance public schools, improve the safety net and protect the middle class.
What does the GOP tax bill look like?
The bill contains a lot of tax breaks for the rich.
It would: Increase the child tax credit by $2,000 to $1,000 for each child and the single parent who is not married.
Eliminate the child and dependent tax credits.
Reduce the corporate tax rate from 35% to 21% for all companies, which would add billions to the deficit.
Elimination of the alternative minimum tax.
Eliminated the estate and alternative minimum taxes.
Eliminates the alternative and alternative-minimum tax penalties for multinational corporations.
Eliminating the estate-tax.
Eliminations of the Alternative Minimum Tax and the Alternative Earned Income Tax Credit.
Elimines the estate, and alternative, and minimum-tax penalties for corporations.
Cut the corporate rate to 20%.
Eliminates a deduction for mortgage interest and property taxes.
The Trump administration has said the proposed cuts to the corporate income tax rate would boost revenue by $1 to $2 trillion over the next decade.
The Congressional Budget Office estimated that such a tax cut would add about $300 billion to the federal deficit over the first 10 years of the package.
And it would boost the average household’s tax burden by $3,500 over the 10 years.
Republicans have promised to bring the tax bill to the White House for a vote.
But they are struggling to get enough votes in the House to pass the legislation.
Trump has been pushing the bill through Congress with bipartisan support, but he has struggled to convince the American public that it’s a good idea.
The president said the tax plan was “the most unpopular thing that I’ve ever negotiated.”
Trump also said in his speech that he wanted to “bring back the factories, bring back the jobs.”
He also promised to “make sure we have a level playing field for everybody.”
A White House official said Trump is hopeful that a bipartisan compromise can be reached.
There is a lot to like about this tax bill.
It’s not a bad deal, it’s not bad for the economy, and I think we should pass it.
The problem is that the Democrats will not be there to negotiate with me.
The Democrats are against anything that helps the middle-classes.
And I am going to bring it to the president.
It was a pretty good deal.
But Trump’s biggest criticism of the legislation came after the bill passed the House and Senate, and the White Trump tweeted that he will “fight for you” as he faces off with the Democrats.
He continued to blame the Senate for the failure of the GOP plan in the Senate.
The Senate’s bill is terrible and it needs to be fixed, he wrote.
Senate Minority Leader Chuck Schumer (D-N.Y.) criticized Trump’s comments and called his comments “disheartening.”
“I think that we need to have the conversation, we need the debate,” Schumer said.
“I think we have to have this discussion to get us to a better deal.
But at the end of the day, we will fight for you.”