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After delays, House Republicans unveil tax bill

Politics

(WTNH)– After some delays, Republicans in the House of Representatives finally released their tax bill on Thursday. Republicans are promising it will benefit businesses and the working class, while Democrats disagree.

“With this plan, the typical family of four will save $1,182 a year on their taxes,” said Rep. Paul Ryan, Speaker of the House.Related Content: House GOP’s evolving tax bill leaves retirement plan intact

“Repeal the estate tax, create a huge, new wealthy loophole for wealthy individuals. This sure doesn’t fit the bill of helping the middle class,” said Sen. Charles Schumer of New York.

Democrats say the GOP plan will explode deficits. They call it a multi-trillion dollar giveaway to the wealthiest, and to corporations.Related Content: House tax plan would lower caps on 401(k)s, cut state and local deductions

President Trump says he wants the bill passed by Thanksgiving, and on his desk by Christmas.

Governor Dannel Malloy released a statement on the plan, saying, “As we begin to review the partisan tax plan from President Trump and Congressional Republicans, one thing already is obvious: this proposal, drafted in secret, would stick it to middle-class Americans in order to pay for massive tax cuts for only the wealthiest one percent.”

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