Updated May 21, 2019 10:42:06 New York Jets quarterback Bryce Petty is back to work after being sidelined for the past three games with a neck injury.New York coach Todd Bowles said Tuesday that the former Heisman Trophy winner has a "pretty good chance" to play against the Denver Broncos on Sunday, and he expects him to play Sunday against Cincinnati.It's the first time Petty has played in consec...
A number of conservatives have expressed concern that the House and Senate tax bills contain too many loopholes for the wealthy and corporations, as well as the elimination of many deductions and credits that benefit low- and middle-income Americans.
But even though the GOP tax bill contains many loopholes that benefit the wealthy, it also contains a number of loopholes that would hurt the working poor.
The GOP tax plan would eliminate many tax deductions that help low-income people pay for necessities such as groceries, rent, utilities and mortgage payments, while cutting millions of deductions that could help people in the middle class.
The tax bill also includes an increase to the estate tax, which would disproportionately hurt the elderly.
According to the Tax Policy Center, the estate and gift tax would increase by $1.1 trillion over the coming decade.
The Trump administration has also proposed eliminating the child tax credit, which is worth about $1,600 per child per year, or $5,000 for single filers, but the plan would increase the amount of child tax credits by $300 per child.
According the Tax Foundation, the child credit would increase in value by $200 per child if the bill becomes law.
A second loophole that would help wealthy Americans would allow the deduction for investment income.
According a recent study from the Tax Reform Coalition, if the House passes the tax bill, the top 1 percent of taxpayers would pay an additional $1 trillion in tax over the next decade, while the bottom 50 percent would see a tax increase of $300 billion.
However, the tax plan does not provide a way to deduct investments from taxable income.
Under current law, the amount an individual can deduct from their tax bill is limited to $10,000, which has become a major sticking point in recent weeks.
Republican senators have also expressed concern about the elimination in the tax code of the Alternative Minimum Tax, which was enacted to prevent wealthy people from taking a massive tax cut in order to pay for a higher tax bill.
The Tax Policy Coalition found that if the AMT is repealed, the bottom 80 percent of households would be on the hook for more than $300 trillion in lost tax revenue, while middle and low-middle income households would get $130 billion in tax relief.
The AMT has become increasingly popular with voters as a way of keeping taxes from skyrocketing.
According as the Tax Center, more than half of voters (53 percent) support eliminating the AMTI.
However this does not mean that Republicans are likely to go through with the AMTS elimination.
Many Americans, such as President Donald Trump, oppose the AMTs elimination and believe it is an important tool in the fight against the federal deficit.
Republicans have repeatedly said they would not eliminate the AMTA, arguing that it helps ensure that high earners pay their fair share of taxes.
However many Americans believe the AMTT is a tool that is necessary to prevent the federal government from raising taxes on the middle and lower classes.
If the House Republicans go forward with the tax legislation, it could affect the AMTF as well.
For more information on this, read The Tax Center’s detailed analysis of the AMTM.
The Republican Tax Plan would increase taxes for some middle-class families, but that is not enough to offset the massive increase in the top one percent of the tax bracket.
The bill also would eliminate some tax credits that help lower-income taxpayers, such the Child Tax Credit, and would lower the child poverty rate by roughly 0.2 percentage points.
However if the tax cut is fully phased in over the course of the next 10 years, that increase in tax cuts for the middle- and lower-class would be roughly $3,000 per child, while that for the top 20 percent of income earners would be nearly $5.5 million per child under the bill.
Many middle-and lower-middle-class taxpayers would be left worse off under the GOP plan, and some conservatives argue that this would be a mistake.
But for the average American taxpayer, the biggest losers in the GOP bill would be the poorest and most vulnerable Americans.
For example, the Tax Justice Network, an organization that advocates for lower tax rates for all Americans, estimates that the elimination or substantial reduction of the child care tax credit would result in $12 billion a year in lost income for low-wage families, including $8,000 in lost wages for low income women and $10 in lost employment for low wage men.
The Congressional Budget Office also found that the bill would cut taxes for most Americans by $800 billion over the long-term.
The CBO also found, however, that the changes would benefit the wealthiest Americans the most.
This is because they would see their taxes rise by about $900 billion over a decade, even though most of the money would be from higher taxes on higher-income individuals and businesses.
While Republicans may not be able to make the House pass their tax plan, they can at least hope