KY Congressional opinions on new tax bill split down party lines

KY Congressional opinions on new tax bill split down party lines
LOUISVILLE, KY (WAVE) - Republicans in Washington released the final version of their tax bill Friday night.
Depending on which party you believe, the plan is either an economic boost to the nation and the middle class, or a gift to corporations and the rich.
Congressman John Yarmuth, Kentucky's only Democrat in Congress, complained Democrats were completely shut out of negotiations as House and Senate Republicans worked out a compromise.
Senate Majority Leader Mitch McConnell praised his party's work, describing this shake up to the tax system as long overdue.
Some major changes include raising the child tax credit. It doubles the standard deductions and eliminates the Obamacare requirement that everyone must buy insurance.

"It means a tax cut of more than $2,000 for a family of four earning $73,000. That's real money in communities across Kentucky from Paducah to Pikeville., McConnell said. And only those who don't know the struggles of hardworking American families could conclude otherwise."

Representative John Yarmuth of Louisville said the tax bill sends more than 60 percent of benefits to the top 1 percent and corporations, while adding a trillion dollars to the deficit. He said individual tax breaks will expire in 2025 while corporate tax breaks are permanent.

It was all done for political purposes, Yarmuth said. First to pay off their corporate and their rich donors and secondly, to just get a win on the board because they've done virtually nothing for a year while having total control of the government.

Yarmuth predicted most in Congress will have no idea exactly what they will be voting on. The bill will likely be approved in the House on Tuesday and the Senate on Wednesday. That will be in time to get to the President's desk for his signature before Christmas.

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