Though this is planned by the Republican lawmakers, several lawmakers from high-tax states disapprove of some provisions, especially due to the fact that Tax 2.0 included state and local tax (SALT) deduction cap.
The GOP's "tax reform 2.0" aims to make permanent the tax cuts for individuals that President Trump signed into law in December 2017, including the law's temporary reductions in individual filers' rates, a doubling of the Child Tax Credit, and cuts to the estate tax paid by a small fraction of the wealthiest families.
The tax law that took effect January 1, the most sweeping rewrite of the US tax code in three decades, is estimated to add around $1.5 trillion to the ballooning deficit over 10 years. This has put Republican lawmakers in high-tax states like New York, New Jersey, California, Illinois and Minnesota in a hard position because they would either support a provision that would put their states in a vulnerable place or oppose a bill that is backed by their own party.
But the legislation also carries risks for Republican fiscal conservatives.
The new legislation would add another $576 billion to the deficit, even taking potentially higher economic growth into account, the Tax Foundation said.
The cuts passed in December are projected to add an estimated $1.5 trillion over a decade to the federal deficit, the difference between Washington's spending and the taxes it collects.
Aside from making individual tax cuts permanent, Republicans say the legislation will including savings provisions meant to help small businesses offer 401 (k) retirement plans, allow 529 education savings plans to pay for apprenticeships and provide access to retirement savings for costs related to births and adoptions. "This tax legislation won't help workers or families, but it will further enrich GOP donors and provide Republicans with more ammunition to attack programs like Medicare and Social Security".
To the dismay of party leaders, the healthy economy and Trump have become countervailing forces. That's 4 points below his previous 2018 low of 35% approval among political independents in CNN polling, and 1 point below his previousall-time low among independents in CNN polling, reached in November 2017. A smaller share take the positive angle on each one, with 28% calling him more in touch, 27% more honest or less corrupt and 22% more intelligent.
Only half of American voters think Donald Trump is an intelligent president, a dramatic drop from what they thought of the Republican leader when he won the presidential election in 2016, a new poll has found. Our system was choking and would have been made worse.