Sen. Young: Hoosiers want a simpler, fairer tax code

House Republicans rolled out a tax plan on Thursday that they say is long overdue.

Republicans plan to shrink the number of tax brackets from seven to four, nearly double the standard deduction for most filers, and boost the child tax credit an extra $600.

Senator Todd Young (R-IN) said, “We haven't reformed our tax code in 30 years. They [Hoosiers] want a tax code that's simpler, fairer and allows them to keep more of their hard earned money. And that's what the President laid out in his framework, which I support, so, I look forward to fighting towards that end as we in the Senator develop our own tax legislation."

Minority Leader Nancy Pelosi said the plan will raise taxes on middle class families.

The president of the National Association of Home Builders agrees, saying some owners will see their mortgage deductions vanish.

The House is expected to hold hearings about tax reform through November.

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(This story was originally published November 2, 2017)


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