Tax Overhaul Explained :Who Wins or Loses on this Deal
Tax Overhaul also known as Tax Reform has been passed by both the House and Senate 51-49(Which Both are largely Republican).Here is what it entails:
-It counts heavily on Repealing Affordable Care Act.It would increase the uninsured rate from 11% to 16% meaning 13 million people would become uninsured as a result.
-Child Tax would increase around $2,000 per child but those who are tax exemple would not benefit.The Senate bill requires a social security number which would leave out undocumented immigrants.
-Corporate tax rate cut by 20% and some individual tax cuts as well.In the House bill, both the tax cut for individual and corporate tax rate would be permanent but the Senate proposes the corporate tax cut remain permanent and the individual tax cut would expire by 2025.
-It has allowed drilling of 1.5 million of the Arctic National Wildlife refuge for oil and gas.12 House Republicans have signed a letter opposing the drilling.Their major reasons are :It would allow for lawsuits by conservationists. The percentage of oil if significant would only represent a small percentage of amount of oil produced globally.They also suggest that instead they use the National Petroleum reserve and its 23.5 million acre area designed for development. It is west of refuge and close to existing oil and gas infrastructure.