When Donald Trump was elected president in November, many pundits predicted that a sweeping tax overhaul and the end of a decades-long era of trade and immigration deregulation would transform the American dream.
As the economy has recovered from the Great Recession, Trump has made clear that the tax plan will not only benefit the wealthy, but will also hurt the poor and middle class.
The Republican tax plan would eliminate the child tax credit, the earned income tax credit and the child credit for working families.
The bill would also slash the child care credit and child tax credits for working parents, while cutting the mortgage interest deduction for those making up to $500,000.
In return, the Trump administration has signaled it will not enforce the Affordable Care Act, a pillar of the bipartisan tax reform bill.
It also is proposing to repeal the estate tax and eliminate the estate exemption, which would exempt $5 million of income from estate taxes.
This would mean the wealthiest Americans would pay more taxes than the middle class and most Americans would be paying more taxes under the bill than under current law.
The plan is also expected to give a tax break to the rich, particularly the wealthy owners of homes and businesses.
Under the GOP plan, the tax breaks would disappear for individuals earning more than $200,000, with the estate, tax credit or child tax break disappearing for those earning less than $100,000 and those making $150,000 or less.
It is unclear how much of the $6 trillion in tax revenue that would be lost under this legislation would be offset by other tax increases.
If the Senate passes the tax bill and Trump signs it into law, it will create a $4.6 trillion deficit, according to the nonpartisan Tax Policy Center, a result that could lead to a federal default on its debt obligations and potentially further destabilize the global economy.
Trump’s plan is a departure from the bipartisan Tax Policy Committee’s plan, which includes $1.5 trillion in new revenue.
The Trump administration is seeking to eliminate the payroll tax and other corporate income taxes.
It has also signaled that it is looking to reduce the estate and income tax, which could further hurt middle class families.
A majority of Republicans want to repeal all of the Affordable Act and replace it with a system that would leave fewer Americans with health insurance and cut the number of Americans with access to health care services, such as mammograms, dental care and colonoscopies.
They are also concerned that the legislation would lead to the repeal of other parts of the law that protect people with pre-existing conditions, such, the Affordable Children’s Health Insurance Program.
But even if the House does not pass a bill by the end, the GOP tax plan has a lot of opponents, including the Congressional Budget Office, which has warned that it could have a significant impact on the economy and on jobs.
In addition to the economic fallout, there is also a political fallout.
Republicans argue that the Republican tax bill would benefit Trump’s business interests and that the measure would further harm the Republican Party and the Republican-led Congress.
The GOP tax bill also would slash funding for Medicaid, which provides health care to millions of low-income Americans.
This bill would cut funding for the Children’s health Insurance Program, which serves approximately one-third of low income children.
Trump has repeatedly threatened to cut Medicaid funding unless Congress and the White House provide more money.
The nonpartisan Congressional Budget Service has said that the cuts in Medicaid funding could lead directly to a 13 percent reduction in the economy over a decade.
Trump says the plan is not a “job killer” and that his administration is trying to “get something done for the American people.”
But experts warn that the bill could further harm middle class wages and jobs and leave Americans with fewer options for health care and retirement.
“I don’t think that there is any question that there will be consequences for the health of middle class Americans,” said Douglas Holtz-Eakin, a former adviser to the president, in a Washington Post op-ed.
“If there are cuts to Medicaid and other safety nets, then it’s going to be difficult for middle class folks to find good jobs.”
The bill’s passage will likely lead to an increase in tax rates and potentially an increase of the federal deficit.
The Tax Policy Centre estimates that the GOP’s tax plan could lead the federal budget deficit to more than 4 percent of GDP in 2026.
Trump told the American Prospect last month that the House would pass the tax reform package.
“It’s very difficult for me to be critical of a tax bill that the Senate passed last week,” Trump said.
“Because the Senate bill does a lot to make the middle-class tax cuts expire, it also creates a huge tax bill for the wealthy and a big tax bill in the corporate sector.
You’re going to have a big problem for a long time