WASHINGTON, DC — President Donald Trump said he wants a tax reform bill on his desk to sign by Thanksgiving. The deadline doesn’t give a lot of time for law makers to review the GOP tax reform proposal which was unveiled on Thursday. Some are still trying to work their way through the 400 page document.
“Everyone just bare with us and take a deep breath,” said Congressman David McKinley (R-WV1) “Watch over the next couple of weeks on how we work this thing through. My focus is going to be to make certain this is an incentive for economic development in the first district of West Virginia.”
The changes include the elimination of a lot of long time tax deductions and a reduction in others. McKinley noted a couple of great importance to his district like the Historic Preservation credit and the tax credit for research into clean coal technology. McKinley’s counterparts are also reviewing the plan with their own concerns about those kinds of credits and how they impact their district. Some wonder if the effort to protect those smaller tax incentives which are localized might eventually kill the measure. McKinley, speaking on Metronews Talkline didn’t think they would.
“I don’t think it will get to that,” he said. “There will be some compromises, but the whole theme here under the budget reconciliation act, we have to meet some criteria. If we put too much into it, then it’s going to kill it.”
Some wouldn’t mind that at all, particularly some Democrats who balk at talk of eliminating part of the long standing home mortgage deduction and doing away with student loan interest as a write off. McKinley says ultimately the measure needs to benefit the middle class.
“We’re all watching to see just how many jobs can be created here,” said McKinley. “Lowering taxes and allowing people to keep more of their own money in their pocket is very important. Let them decide how they want to spend it.”