Republicans Just Threatened Your 401(k) and Mortgage Interest Deduction to Save Corporations Money
It's finally here, and I'm not talking about pumpkin spice lattes. Tax reform discussions are beginning to kick into high gear on Capitol Hill, with President Trump pushing hard for Congress to not disappoint him this next go-around after failing on multiple attempts to pass healthcare reform.
Of course, passing tax reforms won't be any easier for the GOP-controlled Congress. President Trump and Republicans were counting on what would have been somewhere in the neighborhood of $100 billion to $300 billion in long-term savings (defined as a 10-year period) from the repeal and replacement of the Affordable Care Act, which is affably known as Obamacare. With Obamacare remaining as the health law of the land for now, there are no guaranteed savings coming from healthcare as of yet. This makes tax reform at the individual and corporate level especially tricky for Trump and the GOP.
Image source: President Donald J. Trump's official Facebook page. Photo by Shealea Craighead.
Source: Fool.com
