Texas lawmakers/local financial planner weigh in on tax reform

WICHITA FALLS - Lawmakers are on a mission to have a decision on tax reform by the end of the year.

This came nearly a week after Senate Republicans took the first step toward passing a tax plan.

After a 51 to 49 vote passed by the Republican Senate on a tax reform plan, Congressman Mac Thornberry said the first thing on Congress' priority list is to get the tax reform done.    

13th District Republican U.S. Representative, Congressman Mac Thornberry said, "I think the house is going to be moving pretty quickly with specific details that people can look at with a vote coming in just a few weeks."

President Trump referred to this as the biggest tax cut in the history of the country.

16th District Democratic U.S. Representative, Congressman Beto O'Rourke does not believe the president's plan is a good one.

He said, "It's really going to hurt the working Texans that we need to be supporting. Almost a third of working Americans, including Texans, will see a tax increase under this plan." 

Personal Money Manager, Gary Silverman added, "As a block, they are pretty much voting 100 percent against the budget, probably vote 100 percent against tax changes as well." 

Silverman believed the plan would hurt those on Medicaid and Medicare and Representative O'Rourke agreed.

He also added, "Not only does that budget contain 500-hundred billions to Medicare, 1-trillion dollars in cuts to Medicaid, 200-hundred billion dollars in cuts to pell and other federal grant programs allow more Texans to be able to afford college, it is also the process by which they are going to try to stuff this tax plan down the throats of the American public." 

19th District  Republican U.S. Representative, Congressman Jodey Arrington disagreed saying there would not be any cuts to Medicare and this plan is actually giving incentives to American businesses.

"Allowing businesses in America to be competitive so that we don't have capital and jobs go overseas but that we create better jobs here," Rep. Arrington said.

He believed a tax cut could happen by the end of the year.

According to Axios, the current plan would be those who earn from 418-thousand to just under a million dollars, would get a rate cut, those earning a million dollars and more would not.


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