President Trump says he wants the Republican tax cuts bill on his desk by Christmas.
We keep hearing everything this tax bill does for the middle class, but do Republicans want to pay for their tax cuts by eliminating breaks that help average Americans?
The money to pay for trillions of dollars in tax cuts has to come from somewhere. Teachers, university students and disabled veterans will pick up some of that tab.
No matter what they call the tax bill, someone's got to pay for it.
Republicans proposed $6 trillion in corporate and individual tax cuts, and there are bound to be some losers.
The House-approved bill throws out these tax breaks:
Work opportunity tax credit
This credit gives employers subsidies for hiring disabled vets, the poor and the long-term jobless. The cut would save $3.6 billion over 10 years.
Student loan deduction
This tax deduction lets taxpayers deduct up to $2,500 in college loan interest, but the saving if it's cut, as the plan proposes, is $47.5 billion.
Educator expenses deduction
This allowance gives teachers a $250 tax break when they buy school supplies. It's worth $2.1 billion over 10 years.
Taken together, eliminating those three tax breaks pays for less than 1 percent of the total cut.
the senate is likely to vote next week on its own version of the bill. The Senate bill would double teachers' tax deduction for buying school supplies, rather than kill it.