Congressman Tom Reed (R-Corning, NY 23) holds a conference call with regional media on Thursday night, Nov. 2, 2017 to discuss the GOP Tax Reform Plan.
Earlier in the day, Republican lawmakers unveiled their proposal for a sweeping rewrite of the tax code, outlining a $1.51 trillion plan, with two-thirds of that amount benefiting corporations and businesses that Reed said will help to spur job growth. In addition, the plan offers more modest savings for middle-class families. Reed championed that portion of the plan, saying that a family of four would benefit by seeing an annual tax cut of $1600 when taking a standard deduction.
The plan is far from final. It will be taken up on the House floor next week and must also be approved by the Senate. But Republicans in congress are hopeful they can work through the bill and get their difference reconciled so it can be signed by the president by the end of the year.