Lawmakers and the public got their first glimpse of the first draft of the tax overhaul bill six weeks ago,
Now Republicans hope to pass it this week and send it to President Donald Trump’s desk.
- Republicans hope to pass tax bill
- First draft of the tax overhaul was revealed weeks ago
- Bill would double the standard deduction
If passed, the bill would give a lot of tax cuts to corporations and business owners, and some tax benefits to individuals as well.
People around the Bay area had a lot to say about it.
"The economy is thriving. I don’t think there’s a need for a change at this point,” said Aaron Newman, visiting from California.
"I think it'd be better to take some time and put together a real tax bill that has lasting impact for the American people," said Lynne Tierney, of Town and Country.
The individual provisions under the proposed plan would expire by the end of 2025.
One of those is the standard deduction.
The bill nearly doubles it to $12,000 for single filers and $24,000 for married couples filing jointly.
“I take the standard and I know it will be a short term increase for me but when you look at the long term and the increase in the deficit and the benefits that go to the wealthy, I think the middle class benefit is going to go away ,” said Tierney.
The proposed increased standard deduction also has charities concerned.
Some are wondering if they’ll receive fewer donations since the change would dramatically reduce the number of families who itemize deductions.
Pastor Samantha Brown of Unique Lady’s of Character said her non-profit, which provides housing for women recovering from drug addiction, can’t afford a decrease in donations.
“It would force us to shut down because I’m not able to do this by myself,” Brown said.
The bill would not affect 2017 taxes, which many Americans will begin filing in January.