(NBC News) House Republicans introduced their highly anticipated tax reform plan Thursday, with claims it will benefit middle class earners and help job-creating businesses compete globally.
Speaker Paul Ryan claimed the bill would benefit the approximately half of Americans who live paycheck to paycheck, largely by doubling the standard deductions for both individuals and married couples.
“This plan is for the middle class families in this country who deserve a break. It is for the families out there living paycheck to paycheck that just keep getting squeezed,” Ryan said.
The chief tax writer, Congressman Kevin Brady, says cutting the corporate tax rate to 20 percent from 35 percent will allow businesses to stay in America and keep giving workers a paycheck.
“We know the families who struggle the most have seen their paychecks leave for other countries. So we drove toward a 20 percent local rate so our local businesses can compete and win anywhere in the world,” Brady said.
Not discussed at the press conference introducing the bill was how the plan would affect revenue collected by the government and federal deficits.
That part of the equation has led to concerns from even fellow Republicans in the Senate.
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