NEW ORLEANS, LA (WVUE) - Senator John Kennedy said the Republican tax bill, dubbed as the great Christmas gift to America by President Trump, will save taxpayers money especially middle-class Americans.
"If you're a mom and dad with two kids making $75,000 a year, right now you pay about $3,700 in federal income taxes, you pay a lot of other taxes, this is gonna cut your bill to about $1,500. So that's gonna be $2,000 extra in take-home pay," Sen. Kennedy said.
Kennedy said, if passed, he thinks the tax plan can boost the gross domestic product by as much as one-percent and fuel growth from foreign companies.
"A lot of businesses have been reluctant to invest in new plants, machinery, and software. Under this bill they're gonna start doing it, it's gonna create new jobs, and as important as anything else, it's gonna cause wages to go up through increased productivity. I think it's a solid bill," Kennedy said.
But the cuts for the middle class have a timer set to end in a decade, still, Kennedy said taxpayers should ignore that expiration date.
"We wanted to make them permanent, we couldn't because of the $1.5 trillion guard rail we're working in, but I will tell you as a practical matter, they will be renewed, I mean the Bush tax cuts because of the numbers, were temporary, they will be rolled over and these will be rolled over as well," Kennedy said.
Still, Democratic leaders warn the tax bill could make the national debt soar, something they say could threaten the country.
"The biggest threat to our national defense is our national debt. Because it undermines our ability to acquire those weapons systems and train young men and women for our military," Sen. Richard Blumenthal, a Democrat from Connecticut said. "But the political dynamic here is that unfortunately, Republicans are simply desperate for some kind of win that they can present to the President."
However, Kennedy is confident a higher GDP and growing job numbers won't tilt the debt.
"If this was going to add to the deficit, if I thought it would, I wouldn't vote for this bill. But I don't believe it will. I think it's gonna make the economy roar, I think it's gonna help everybody," Kennedy said.