DAY 248: TRUMP LOSES: Senate Republicans cancel vote on Trumpcare

Seneta Republicans cancelled the vote on Trumpcare after it was clear they do not have the votes to pass it.

According to The New York Times, Senate Republican leader Mitch McConnell claimed they would try to change the American health care system at a later date, but they “are not going to be able to do that this week.”

Now the Republicans will focus on changing the tax code. However, Donald Trump's proposal for tax reform would lower the taxes for the rich and for the lowest income bracket, but not for the the middle class, which would mean the middle class would end up paying for the tax cuts for the rich.

Interestingly, the tax cuts for the lower brackets are not actual tax cuts, but increases in acceptable deductions. For the rich, Trump wants to lower the income tax rate from 39% to 35%. And for businesses from 35% to 20%.