Congressman Bost predicts tax law will become more popular - WSIL-TV 3 Southern Illinois

Congressman Bost predicts tax law will become more popular

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CARTERVILLE -- On Friday, President Donald Trump signed the Republican tax plan into law, making it the biggest overhaul of the U.S. tax code in three decades.

It's also the president's biggest legislative victory, by far.

"I consider this a bill for the middle class and a bill for jobs," said President Trump.

While polls show most American don't approve of the tax plan, Republican Illinois Congressman Mike Bost expects that to change soon.

"In February, when all of a sudden your deductions on your paycheck become less, it's going to become a whole lot more popular," predicted Bost.

But the tax law doesn't benefit everyone equally.

Analysts say while people in every income level will pay lower taxes to some degree, wealthier people will see the most benefit.

And critics of the tax plan say corporations are the biggest winners. 

The corporate tax rate will fall from 35 to 21 percent.

Bost said the lower rate will help put American companies on a more equal footing with foreign firms. He said it will also help the economy grow domestically.

"You know what? I'm glad to bring it down to where we can compete," said Bost. "Many of those corporations right now are actually giving either bonuses and/or raises and are starting to hire already."

It should be noted, while the corporate tax rate had been 35 percent, experts say most corporations actually paid a much lower rate, after taking advantage of deductions, exclusions and loopholes. 

The tax plan also includes a provision removing the mandate under the Affordable Care Act (Obamacare). 

Critics say it could lead to millions of people losing their health insurance. 

But Bost doesn't believe that will happen.

"The individual mandate will not come off until 2019. That gives us an opportunity to aggressively go after this next year, putting things in place that encourage competition in the private insurance market," said Bost. 

Currently, the tax cuts for middle and lower-income people will expire after five years, but Bost said he and others would support making them permanent. 

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