What’s good for General Motors is good for the country, used to be a popular slogan back in the day. In 2017, what’s good for Donald Trump is what the GOP majorities in the House and Senate will pass into law.
GOP Rep Mark Sanford voted for the tax bill but believes it’s being misleadingly sold to the public as a middle-class tax cut when it’s not pic.twitter.com/R37VrOUJVz
— Erica Werner (@ericawerner) December 5, 2017
A study by the Committee for a Responsible Federal Budget found that of the nearly $US1.5 trillion in total tax cuts in the House-passed version of the TCJA, roughly $US400 billion in cuts goes to individuals and $US1.1 trillion goes toward the business side.
While the Senate bill distributes the tax cuts more evenly, businesses still get more of the cuts.
“You can argue the merits or demerits of doing that and what it will mean in terms of economic expansion and growth, but fundamentally if you look at the bulk of the bill, about two-thirds of it is tied to the business side,” Sanford said, adding the individual tax cuts are not “the core of what the bill is.”
Other Republicans have also derided the personal side of the TCJA. Sen. Bob Corker, the only Republican to vote against the bill in the Senate, said he would like to take the individual tax changes it proposes“directly to the incinerator.” Larry Kudlow, a conservative economist and former Trump economic adviser, took issue with changes to the personal side in an interview with Politico, saying the TCJA was “not a true tax reform bill.”