Senator Bob Corker, R-Tennessee is speaking his mind regarding the possibility that he may not vote to pass a GOP tax plan. One of his biggest concerns is how the plan affects Federal debt.
The Federal debt now stands at over 20 Trillion dollars. This does not include interagency debt, the loans made between Government agencies. Corker’s perspective is the most conservative. Taking the view that minimizing loans the U.S. has with China, and even Iran, and Russia is certainly in the best interest of national security.
Individual tax rates are proposed to go down, what is not clear is what happens to the itemized deductions Americans are used to having. Right now, the elimination of the state income tax deduction is being considered, as well as other major tax breaks.
Ron Wyden, D-Oregon was in a committee meeting last week with Corker. He remarked how Republicans risk losing again, just like Obamacare.
Wyden is worried a tax bill will be presented just like Obamacare, where it was rammed through Congress. Certain members of the GOP are not going to give their vote on something that has no clear outcome. The Freedom caucus is also very cautious about the Trump Tax plan.
If the repeated failure of an Obamacare repeal is any indication, tax reform may just be dust in the wind.
That may also be the future of the GOP, as we know it today.
And that will be good for America.