Many unknowns around Republican tax plan

Many unknowns around Republican tax plan

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LUBBOCK, Texas -

The newly released Republican tax plan is said to be the most expansive overhaul in more than 80 years. 

It proposes rewriting a vast majority of the nation's tax code with the intention of simplifying it and giving back to middle class families.

Simplifying the tax code the code has been a rally call for Republicans. The new plan cuts down on the income brackets, from seven to three (12, 25, 35 percent) with the option for a fourth.

It is supposed to give a break to the middle class while putting American businesses on a level playing field in the world arena.

"We will cut taxes on American businesses to restore our competitive edge, and create more jobs and higher wages for the American workers," said White House Press Secretary Sarah Sanders. "Finally, our framework encourages American companies to bring back the trillions and trillions of dollars in wealth that's parked overseas."

While the idea of less taxes and more money in your pocket sounds good, Lubbock Senator Charles Perry said the devil is in the details.

"As a practicing accountant you got to kind of look at it," he said. "Are you losing deductions so that your rate may be lower but the things you use to deduct to get you this rate, did you help yourself or did you hurt yourself."

Critics of the plan argue that wealthy Americans will benefit more under the proposal, however, President Trump said the plan eliminates most itemized deductions that primarily benefit the wealthiest taxpayers. 

The administration also proposed raising the child tax credit while expanding how many families are eligible for it. The details on how much the tax credit would be for are still up in the air.

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