What's Next In Battle Over Tax Reform Plan?
WASHINGTON/DALLAS (CBS11/AP) - House Republicans have voted to move ahead on negotiating with the Senate on their far-reaching overhaul of the nation's tax code.
The House voted Monday night to begin a House-Senate conference to work out the differences between the two bills. The House passed its version of the $1.5 trillion measure last month.
The Senate narrowly passed its own bill Saturday.
Democrats in both houses opposed the tax reform legislation.
Both bills would slash the corporate tax rate from 35 percent to 20 percent, eliminate some popular deductions and double the standard deduction used by most taxpayers.
Republican leaders are upbeat about resolving their differences and finishing a bill in time to send the measure to President Donald Trump by Christmas.
Texas Senator Ted Cruz, who addressed the Texas Farm Bureau's annual meeting being held in Frisco this year, called tax reform, "A big victory for the state of Texas, a big victory for the American people. Every time the federal government has cut taxes and reduced regulations over and over again, it is a consistent engine for economic growth."
But Democrats call the GOP reform plan a tax scam.
They say it adds to the deficit and favors the wealthy over the middle class.
U.S. Representative Marc Veasey, D-Fort Worth issued a statement to CBS11 Monday saying, "This is a tax scam, plain and simple. For Texans, the Senate plan like the House bill would cap property tax rate deductions at $10,000, hurt families with multiple children, keep sick Texans from deducting their medical expenses, and raises taxes on families working hard to provide a better life for their children."
While House and Senate Republicans hash out their differences, Derrick Kinney, a private wealth advisor in Arlington urges people not to take any major action until after a tax bill has been signed into law. "Don't cash any checks until you know what the actual legislation says. But also with tax laws, it's a lot like a sausage factory. They put all the ingredients at the front of the line. How it gets processed may look completely different."
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
