Rep. Mark Sanford, a South Carolina Republican, said the GOP tax bill “has been mislabeled” because it’s more about business taxes than personal taxes.
Sanford said the GOP painted the tax bill as a middle-class tax cut because of President Donald Trump’s “net worth and business involvements.”
A Republican lawmaker said Tuesday that he doesn’t think the GOP tax bill was labeled correctly by his party.
Rep. Mark Sanford of South Carolina told reporters that the Republican bill, named the Tax Cuts and Jobs Act (TCJA), is in its essence a corporate tax reform bill with some personal tax cut veneer to make it go down easier.
“Fundamentally the bill has been mislabeled,” Sanford said, according to The Washington Post’s Erica Werner. “From a truth-in-advertising standpoint it would have been a lot simpler if we just acknowledged reality on this bill, which is it’s fundamentally a corporate tax reduction and restructuring bill, period.”
A study by the Committee for a Responsible Federal Budget found that of the nearly $1.5 trillion in total tax cuts in the House-passed version of the TCJA, roughly $400 billion in cuts goes to individuals and $1.1 trillion goes toward the business side.
While the Senate bill distributes the tax …read more
Source:: Businessinsider – Politics