(WAFB) - Senator John Kennedy, R-La., says the new tax reform bill is not perfect, but he would still vote for it.
Unveiled Thursday by House Republicans in Washington, the plan would reduce corporate and business taxes, as well as taxes for many individuals. However, some Democrats have described the bill as "corporate welfare" and worry it will end up costing millions of middle class families more.
Jan Moller, head of the Louisiana Budget Project, which advocates for low income families, released a statement Thursday saying the benefits of the bill would "be concentrated at the top." Moller continued, saying it would give "little or no relief to those who have been struggling with stagnant wages and rising costs of living for decades."
However, Kennedy believes reducing taxes on businesses could allow them the funding to hire more people and raise wages.
On the topic of the national debt, Kennedy says he believes the plan will energize the economy, making up for any federal revenue lost by cutting taxes. "If you reduce taxes, that lowers that business's costs, which gives that business more money to invest," he said.
However, Moller says a boost to the economy is unlikely and cuts will likely be required that could put funding for Medicaid, Medicare, veterans services, and more in jeopardy.