“A few years ago, I would have said, ‘Oh, that would be the most outrageous tax cut ever,'” James Kirchick, a tax policy expert and former adviser to Republican presidential nominee Mitt Romney, told National Review.
“Now I say it’s a scam.”
Trump has promised to repeal the entire federal tax code, with a top tax rate of 35 percent.
Trump and Pence have promised to double the standard deduction, which currently is capped at $12,000 per household.
Under Trump’s plan, the standard income-tax deduction would double to $12.50 per $1,000 of income, a doubling that would take the standard out of reach of more than 20 million households, according to the Tax Policy Center.
Pence has said that his tax plan would bring in more than $1 trillion in revenue.
That would be a huge boost to the economy and jobs.
Pence would also eliminate the estate tax, which is currently levied on estates worth more than more than half a million dollars, or about $3.6 million for a married couple.
The tax reform plan also would eliminate the individual income tax deduction for taxpayers who itemize their deductions.
The bill would eliminate a $50,000 cap on the amount that taxpayers can deduct for state and local taxes, which would help low- and middle-income Americans.
The plan would also repeal the individual mandate, which requires all Americans to buy insurance.
According to the nonpartisan Tax Policy Centre, that means that about 13 million people will no longer be required to buy coverage.
However, the tax bill also includes an amendment that would allow people to deduct their medical expenses from their taxes, although that provision would be subject to a number of caveats.
For example, the measure would allow taxpayers to deduct expenses that are unrelated to the health care they received.