Sen. John Kennedy criticized Rand Paul's opposition to a major Republican spending bill that aims to extend the 2017 tax cuts but risks increasing the federal deficit by $3.8 trillion. Kennedy highlighted concerns over the House's decision to raise the cap on state and local tax deductions, allowing higher amounts for residents in wealthy states. Advocating for action, Kennedy remarked that the Senate should pass the bill quickly, noting the complexities of garnering unanimous support, particularly given Paul's steadfast stance against it.
We do need to work towards spending less in this bill. This provision would allow individuals in states with higher income and property taxes to deduct up to $40,000 on their federal tax returns.
This bill's not like wine, Kennedy continued. It doesn't get better with age. We've gotta wrap this up in about the next 60 days, and probably the president will have to get it into law.
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