Senators expect tax draft soon
Congressional
The ambitious goal to reduce taxes on individuals and businesses and reform the tax code comes with pressure after
"If we don't cut taxes and we don't eventually repeal and replace Obamacare, then we're going to lose across the board in the House in 2018," Graham told
Rep.
"
Marshall and Rep.
"We have closely examined all aspects of the tax code and have a good sense on how best to reform the system," Roberts said.
"When health care came out, I heard three different choirs singing," Marshall said. "I heard the president singing a tune, I heard the House singing a tune and I heard the
"If it doesn't get passed, it would just look like Trump -- the self-proclaimed great dealmaker -- can't get any deals done in
While the framework lacks some key details and analysis, it has already drawn criticism for its resemblance to the since-repealed income tax cuts championed by outgoing Gov.
The federal framework lowers tax rates on individuals, corporations and pass-through entities, and reforms several other components of the tax code.
In both cases, however, lawmakers have said the cuts would spur greater economic growth and help make up for reduced government revenue.
"That's exactly what the
Brownback promised the
Without a complete bill, analysis is slim, but the Center on Budget and Policy Priorities said it could add
The Tax Policy Center also contends most of the tax break's benefits would go to the wealthiest earners. Since that analysis, House Speaker
"Tax reform is complicated and studies such as this one, done with partial information and broad assumptions, can miss the mark, by either overestimating or underestimating certain variables in their calculations," Jenkins' spokesman,
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