Reconciliation only requires a majority vote, meaning 51 votes in the Senate as opposed to 60. A revenue-neutral tax plan wouldn't have to garner a single vote by a Democrat in the House or Senate if all Republicans were to stick to the party line. However, this means that Republicans are going to need to find a way to generate revenue after cutting individual and corporate taxes. Therein lies the great question mark for the time being. One idea that's purportedly been floated around is a value-added tax, or VAT. A VAT is a tax that's placed on different stages of the production or distribution of a product, and it's a common tax passed along in Europe. A VAT may be able to raise enough revenue to offset the cut in individual and corporate taxes, but it may also make goods more expensive for consumers and families. How Republicans will increase revenue still remains to be seen, but there's a nearly 100% chance, in my opinion, that we see a revenue-neutral tax plan from Trump and GOP charitable giving with insurance legislators. The next step at this point is to merely watch and wait for the tax plan to be unveiled. The $16,122 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.
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