The Story:
Senate Majority Leader Mitch McConnell Friday admitted that he “misspoke” a few days ago when he said that “nobody in the middle class is going to get a tax increase” under the Senate tax bill.
Why It Matters:
Republican lawmakers are on a tight timeline to get the bill to the President’s desk before Christmas 2017.
The tax reform bill is critical to the GOP, since they haven’t won any major legislative victories despite having majorities in both the Senate as well as the House.
Failure to pass the tax bill could put paid to their fundraising efforts.
Many categories of taxpayers expect to see tax cuts under the Senate Republican proposal, but some of them may end up paying more because of specific deductions being eliminated.
The Nuts and Bolts:
McConnell has now said that “you can’t guarantee that no one sees a tax increase” and that the aim of the Senate’s bill is to bring down the average taxpayer’s burden for each of the income brackets.
Earlier this week Treasury Secretary Steve Mnuchin said that he was pleased with the progress on the bill and it was on track for the President to sign a compromise version of the bill into law before the end of this year.
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