October 06, 2017 06:39 PM
After failing to pass legislation to repeal and replace the Affordable Care Act, Republicans in control of Congress know they might only have one more chance to pass a major piece of legislation before the 2018 midterm elections.
Minnesota's 3rd District Rep. Erik Paulsen is confident a bill featuring tax reform and tax cuts will pass before the end of the year.
"It's possible absolutely everyone in every (tax) bracket could have some reductions," Paulsen said in an interview.
Paulsen says the main thrust of the tax reform will be to provide tax relief for the middle class and close many tax loopholes mostly used by wealthier taxpayers.
"Wealthier folks are not going to be able to take advantage of those loopholes and expenditures that average people are not able to use," Paulsen said. "That's where the simplification is really important. A lot of wealthy people may not like some of these changes."
But he says middle class taxpayers could save a lot because standard deductions could be doubled.
"Doubling the standard deduction is a big helper for folks to keep more of their first dollars earned," Paulsen says. "So everyone should get some sort of tax reduction."
Paulsen serves on the House Ways and Means Committee and will be working on the tax bill. You can see the entire interview with Paulsen about tax reform, health care and gun control on At Issue Sunday at 10 a.m.
Updated: October 06, 2017 06:39 PM
Created: October 06, 2017 06:28 PM
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