The GOP was counting on repeal of Obamacare and its nearly $1 trillion in taxes to help finance sweeping tax cuts.
By Aaron Lorenzo
Speaker of the House Paul Ryan introduces a House Republican tax reform proposal during a press conference with congressional Republicans at the U.S. Capitol on June 24. |
Republicans’ spectacular failure to repeal and replace Obamacare threatens to sabotage another cornerstone of their agenda, tax reform — because of simple math.
The GOP was counting on wiping out nearly $1 trillion in Obamacare taxes to help finance the sweeping tax cuts they’ve got planned for their next legislative act. And now it’s unclear where all that money will come from.
“This does make tax reform more difficult, but it does not in any way make it impossible,” House Speaker Paul Ryan said at a news conference on Friday. “We will proceed with tax reform.”
While Obamacare taxes will remain, he said, “We’re going to fix the rest of the tax code.”
But losing the revenue from Obamacare repeal is fueling speculation that Republicans will settle for just tax cuts rather than sweeping reform.