The U.S. House is considering a GOP tax plan and eastern Missouri Democratic Congressman Lacy Clay calls the legislation a scam. Clay, whose district includes St. Louis City and County, says it would result in a $900 billion tax increase.
“This reckless plan would repeal the deduction for state and local income and sales taxes,” says Clay. “It’s not pro-family. It’s not pro-worker. It will kill jobs and reward the wealthy and corporations at the expense of everyone else.”
The non-partisan Congressional Budget Office says if the proposed legislation passes, the measure would add $1.7 trillion to the national deficit over a decade.
Among other things, the plan would also limit the mortgage interest deduction, eliminate a deduction that covers high medical costs for seniors and tuition waivers would be taxed as regular income. It also includes ending an adoption tax credit and the measure forces professional teams to front more money for stadium construction.
Missouri Republican U.S. Senator Roy Blunt hopes Congress can follow President Donald Trump’s wishes by putting the bill on Trump’s desk by the end of the year.
“I’d be very disappointed if that doesn’t happen. I don’t think it will have the economic impact it needs to have if we don’t get it done this year,” Blunt tells Fox News. “I just think if you let this drag into next year, the big loss is that people can’t spend the last weeks of this year and the very first weeks of next year planning on a tax bill with a decade of certainty.”
The plan would also lower the corporate tax rate to 20% and reduce the seven individual income-tax brackets into four.