The New York Times yesterday reported that the Senate Budget Committee had unveiled the budget blueprint for 2018 that would open the doors for the proposed $1.5 trillion tax cut. This happened despite pleas from independent analysts that the plan will not work. They argue that the plan will most likely exceed this price tag. This will result in massive benefits for the rich and corporations. The Senate Budget Committee said that there was the possibility that the Arctic National Wildlife Refuge in Alaska would be open to drilling. For starters, this region in Alaska has served as a hot-button for the conservative Republicans, and this has gone on for decades. If the budget resolution goes through, it will be pivotal to the efforts of the Republican lawmakers and President Trump helping them move forward with the plan. According to the language that has been set, this proposal will see the lawmakers pass the $1.5 trillion cut with just 50 votes. On a normal day, they would have required 60 votes. Most of these Republican members have confessed in public that a tax cut plan would be difficult without a budget. However, according to the report that was brought to light by Tax Policy Center about the plan, the Republicans will find it difficult to receive even 50 votes in a Senate with 52 Republicans. Tax Policy Center is a non-partisan organization.
According to the report by the organization, the current proposal by the Republicans in the same time frame would result in a $2.4 trillion cut for the federal government. As a result, the deficits would rise above $1.5 trillion and this is just good news for the wealthy. The bill also made it clear that the average tax bill affecting the income groups would fall by $1,600 next year. As for the top one percent, they would receive a tax relief of 50 percent. The one percent is the group of Americans earning over $730,000 annually. The report suggests that they could receive a tax relieve of $129,000. As for the people earning between $49,000 and $86,000, their benefits would amount to $600, which represents a tax income relief of 1.2 percent. While corporate taxes would reduce by $2.6 trillion, individual income revenue would increase by $470 billion. Co-director at Tax Policy Center said that there would be a reversal in tax collection. Instead of focusing on businesses, the new tax plan would turn its focus on individuals.