WATCH: Sen. Kennedy talks tax reform, says Louisianians will lose deductions, pay less in federal taxes
BATON ROUGE- Senator John N. Kennedy talks to WBRZ's Mark Armstrong Friday about his support for the Trump/Republican Tax Reform initiative.
Kennedy says Louisianians will likely lose some tax deductions but will still pay less overall in federal taxes "if we do it right."
"It's basically a big piece of cheesecake with spinach on top. The cheesecake is the tax cuts," he says.
The Senator says the game plan is to cut about 5 1/2 to 6 trillion dollars worth of taxes. He explains that every American and every American business will get a tax cut- from the largest corporation to the smallest limited liability company.
To offset the expense, they're going to broaden the base by eliminating a lot of the deductions. "That's where the spinach comes in."
Kennedy hopes this will allow people to keep more of their own money, so they can spend the money they earn better than the government can.
He says this'll not only create more jobs, but it'll make current employees more productive when they see their wages go up.
Critics of the president's initiative say the plan will mostly benefit the rich and will increase the federal deficit.