UPDATE: Representative Bill Johnson of Ohio on tax reform bill

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WASHINGTON, D.C. (NBC) - Congress' official tax analyst says while the Republican tax bill would mean an average initial reduction for all income groups, average taxes would rise for everyone earning under $75,000 by 2027.

The tax increase is largely because most of the legislation's individual tax provisions expire in 2026.

Monday's projection was by Congress' nonpartisan Joint Committee on Taxation. The House is on track to approve the $1.5 trillion measure Tuesday, with Senate approval expected that day or Wednesday.

The committee estimated that in 2019, people earning $20,000 to $50,000 annually would see tax cuts averaging 10 percent or more. Reductions for those making $200,000 to $1 million would be around 9 percent.

"It's going to bring back money from overseas, so it's invested here in America and we begin innovating and competing on global scale like we haven't done in a very, very long time. I think it's just totally inaccurate to say that this is a tax cut for big business," said Representative Bill Johnson (R-Ohio 6th District).

Beginning in 2023, people making under $30,000 would see average tax boosts.


A vote is expected this week on the hotly debated tax cut bill. Although the vote is expected to follow party lines, one things both sides agree on, the bill falls short of what they had hoped.

On NBC's Meet the Press, Democratic Senator Joe Manchin, of West Virginia, said the bill is not tax reform as President Trump had promised.

"I gave them a whole litany of things that I thought 10 or more democrats would vote for. To have it 60 or 65 votes, I really believe is possible if you had regular order. Once Mitch McConnell decided that 51 votes was all he needed, and they're all going to be Republican and make it political that's exactly what happened. This is not a reform. This is a tax cut," he said.

Ohio Governor John Kasich also appeared on the show. He said Republicans gave too much of a tax break to big business and not enough to the middle class.

"I do believe that cutting taxes makes sense. My concern about this bill is the debt and they did not do enough to cover...this bill is not going to pay for itself, everybody knows that. So, at the end Chuck, here's the problem. As debt gets higher and higher and higher it slows the economy down. So when you cut taxes to provide more economic growth and at the same time you drive up the debt you kind of work in opposite of one another. And that's why they now need to look at the savings," Kasich said.

Kasich also said he would have like to have a seen a smaller cut in corporate taxes and more relief for the middle class and working poor.



 
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