'Can't Say Everyone Gets a Tax Cut': Hemmer Asks Ryan About Criticism of Tax Bill
Bill Hemmer asked House Speaker Paul Ryan (R-Wis.) about the criticism of the House tax reform plan, questioning whether all Americans will be getting a tax cut.
Hemmer noted that corporations will like the bill, but that sentiment might not be shared by upper-income earners, self-employed individuals and people in higher-tax states.
Ryan said President Trump made it clear to the House and Senate committees that he wanted to see tax relief for the middle-class first and foremost.
"I'm saying middle-class taxpayers too. Once you take away deductions, a lot of people are going to see their taxes go higher," said Hemmer.
Ryan answered that under the House plan, a family's first $24,000 of income will be untaxed, meaning 90 percent of taxpayers won't have to itemize deductions. He also touted a $1,600 tax credit for each child.
"The problem is half the country is living paycheck to paycheck right now. ... The average household will get a $1,182 tax break. That's a lot of money for people on the edge," said Ryan.
Bloomberg reported this week that the bill "would cut individual income tax rates for almost all taxpayers who make less than below $1 million a year. But it also does away with various credits, deductions and exemptions, leading to higher taxes for some, depending on how they use such breaks, according to various analyses."
Watch the full interview above.