GOP Senators Tout Tax Reform Bill Ahead Of Vote
WASHINGTON (CBSNewYork) -- President Donald Trump could score his first legislative victory this week, as Congress is expected to vote on its tax overhaul plan.
As CBS News' Laura Podesta reported, support for the plan now runs strictly down party lines.
Republican senators were broadcasting their support for the tax bill Sunday, saying there is no downside to the plan to decrease personal taxes and shrink the corporate tax rate.
"This is something that is designed to be able to energize the economy. It should work," said U.S. Sen. James Lankford (R-Oklahoma).
"This is good news for the American people," said U.S. John Cornyn (R-Texas). "We're going to get the economy roaring back again and improve pay and increase jobs."
But Democrats and independents, such as U.S. Sen. Bernie Sanders (I-Vermont), point out that the tax breaks that benefit the middle class will expire in 2025.
"And at the end of the decade, because the benefits for the middle class are temporary while the corporate benefits are permanent, by the end of the decade, half of the middle class will be paying more in taxes," Sanders said.
Also speaking on CBS' "Face the Nation" Sunday was Treasury Secretary Steve Mnuchin, who said he has no doubt that the GOP-led Congress will pass the bill this week.
He said most Americans will see their take-home page grow by early next year.
"This is about hardworking families that are going to see, starting in February, tax cuts," Mnuchin said.
But as Republican Ohio Gov. John Kasich pointed out, the extra money will come at a cost.
"Look, I do believe that cutting taxes makes sense," Kasich said. "My concern about this bill is the debt, and they did not do enough to be able to cover. This bill is not going to pay for itself. Everybody knows that."
At last count, the national debt was over $20 trillion.
The House of Representatives is expected to vote on the bill first, followed by the Senate. It could be on the president's desk by year's end.
