Cartoonist’s view

The Senate plan does not repeal the Alternative Minimum Tax. A version of it was restored in the final version of the tax bill in order to re-install the property tax deduction, up to $10,000 annually.

The Senate plan does not repeal the Estate Tax, it increases the qualification threshold, but does not eliminate it.

“In exchange for a lower tax rate, they face the possibility of losing crucial benefits they now have, including itemized deductions, the deduction for interest on home mortgages, and the allowance for state and local income tax.”

The deduction for home mortgages is left intact under the Senate bill. And in the House bill, the status quo is retained for existing mortgages. On new mortgages, there is a cap at $500,000.

Also, unless I missed it, in exchange for the loss or lessening of some deductions, the standard deduction is doubled and the child tax credit is expended and increased to $2,000 per child under the Senate bill.

“The nonpartisan Congressional Budget Office estimates 13 million Americans could loses their health coverage.”

No one loses their health care coverage. The plans, subsidies, and other financial incentives remain in place. The bill eliminates the tax penalty associated with not buying an Obamacare plan. 80 percent of the people who pay this tax make under $50,000 per year.

“Apparently times have changed. Most experts say the one thing this tax plan is certain to do is explode the national deficit, perhaps to an astounding $1 trillion in five years.”

The budget window is 10 years, not five. And while there are economists who do believe what you state here, there are plenty of economists and think tanks that disagree.