What will the GOP tax reform bill coming out tomorrow look like? Oklahoma Congressman Frank Lucas has some predictions.
Speaking at a Tulsa Regional Chamber forum, Lucas said the plan is still to double the individual income tax deduction from $12,000 to $24,000. But, a hefty border adjustment tax that would have paid for many other benefits in the legislation has become politically unpopular.
"You can imagine what consumer groups and retailers thought about that, raising the cost of raw and finished products coming into the country," Lucas said. "It appears to have gone to the wayside. So, how do they fund these other things? Well, perhaps the tax rates won't be lowered as much as initially proposed."
There are concerns the Republican plan will ax historic preservation credits used frequently in Oklahoma, and which Lucas supports.
"I have always been supportive and fond of everything that preserves our heritage," Lucas said. "That said, let's see what comes out in the bill on Wednesday, because in the big-picture sense, it's not a huge amount of money. I can't give you the figure off the top of my head, but it's not a huge amount of money. Surely, we can pick out the chaff from the grains."
Lucas said a lot will change before the legislation is a finished product getting a vote on the House and Senate floors. Lucas said President Trump, Speaker Paul Ryan, and House Ways and Means Chair Kevin Brady are all trying to make tax reform a reality, though.
"I suspect, from a political point of view, that all three understand that their position, whether it's continuing this administration or maintaining this majority in the United States House, is on the line. So, the stakes are high," Lucas said.
Republicans have so far failed to repeal the Affordable Care Act or make significant legislative reforms to health care with their Congressional majority and a president from their party in office.
