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GOP tax plans could eliminate popular tax breaks

GOP tax plans could eliminate popular tax breaks
When Republicans say they want to lower taxes and get rid of loopholes to make up the lost revenue, they're talking about eliminating some very popular tax breaks enjoyed by millions of people.

That's why making big changes to tax laws is so hard — and why it hasn't been done for 30 years.

Unless Congress simply cuts taxes for everyone, there will be winners and losers, and the losers won't go quietly. If Congress does cut taxes for everyone, lawmakers risk exploding an already large budget deficit.

Republican leaders in the House and Senate say they don't want a tax overhaul to add to the national debt. That's what they mean when they say "revenue neutral." The new system would raise the same amount of tax revenue as the old one, after taking into account some broader economic effects.

President Donald Trump has said he will make public a tax proposal in the coming weeks. Republicans in Congress are also working on plans, with the House GOP taking the lead.

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