The House GOP tax reform plan announced Thursday would consolidate the current seven tax brackets into four and would double the standard deduction, giving an average family of four nearly 12-hundred-dollars more income per year. But Jan Moller with the Louisiana Budget Project says the one-and-a-half-trillion-dollar cuts in the package over ten years will affect services many rely on.
Baton Rouge Congressman Garret Graves says when tax cuts were approved in the past, it caused more money to be circulated in the economy, which helped to raise incomes and protect federal programs.
Moller says based on his knowledge of the bill not everyone will see significant tax cuts as promised.
Graves says if this proposed tax code doesn’t go into effect, American corporations will continue to look overseas, jeopardizing the financial security of many in the long run.