Vastly different competing versions of Republican tax plans are being rolled out in the U.S. House and Senate that could potentially eliminate current deductions, such as student loan interest, and change the top tax rate and the timing of corporate tax cuts.
Independent U.S. Sen. Angus King of Maine says that the tax overhaul process being utilized by Republican leaders leaves a lot to be desired.
“The process stinks, it’s no hearings, no public input, very little analysis of what it all means, what the impacts are going to be, a lot of closed door meetings,” he says. “This is a huge proposed change and it ought to be an open process.”
Republican U.S. Sen. Susan Collins of Maine says changes to the tax system are needed to maintain U.S. business investment. She has also said there's no need to eliminate the estate tax nor does she think the top tax rate should be lowered for Americans earning more than $1 million annually.