Rep. Blackburn Says GOP Tax Bill May Keep SALT Deduction

The transcript discusses the upcoming tax reform, highlighting its benefits such as lower marginal rates and a simpler tax system. It mentions bipartisan support and the committee's role in advancing the reform. The discussion also covers potential funding strategies, including changes to state and local tax deductions and 401K implications. The conclusion emphasizes the urgency of tax relief and the need for government efficiency.

What are the main goals of the upcoming tax reform bill?

• To raise taxes on businesses

• To make the tax system flatter, fairer, and simpler

• To eliminate all tax deductions

• To increase the number of tax brackets

What is one potential change mentioned regarding state and local tax deductions?

• No changes to the deduction

• Doubling the deduction

• Introduction of a cap on the deduction

• Complete elimination of the deduction

How many tax brackets are expected in the new tax reform?

• Four

• Three

• Two

• Five

What is the concern regarding 401K's in the tax reform discussion?

• Contributions will be taxed upfront

• They will have higher contribution limits

• They will be eliminated

• They will be merged with other retirement plans

What is the public's stance on the tax reform according to the discussion?

• They oppose any changes

• They demand quick action for tax relief

• They want it delayed

• They are indifferent