WASHINGTON (Gray DC) -- After years of talk about tax reform, House Republicans are pitching their plan. There’s some optimism and concern from Wisconsin lawmakers, on both sides of the aisle.
Rep. Glenn Grothman (R-WI) said of the process, “Oh of course it’s moving too quickly, but I’m not the one who sets the pace.”
Grothman said, even during Paul Ryan's press conference Thursday, most Republicans weren’t sure exactly what would be in the new tax reform bill.
While Grothman says the plan helps the middle class by cutting tax rates, he isn’t ready to rubber-stamp it.
He said, “I’ll spend all tonight [Thursday] looking at it, talking to members of Ways and Means, and doing what I can to make it more middle-class friendly.”
Senator Tammy Baldwin (D-WI) says the middle class is not the big winner.
She said, “80 percent of the benefits of this plan are estimated to go to the benefit of the top one percent.”
The Republican plan would cut the corporate tax rate from 39.5 percent, to 20 percent.
It would make adjustments to individual tax brackets, and nearly double the standard deduction.
It also would raise the child tax credit -- from S1,000 per child to $1600.
That’s something Baldwin says she supports, “I think that’s an issue, and especially if it were refundable, that really really helps families who need that relief.”
While she likes that piece, Baldwin says she’s worried the bill will hike the national debt.
Grothman suggested Congress could ease the impact in a government spending bill due at years end.
Grothman said, “Well I do think the Republicans are going to have to pay more attention to the amount we’re spending in the omnibus bill we’re passing in December.”
The Joint Committee on Taxation estimates the new tax reform bill will cost nearly $1.5 trillion over the next decade.