LAKE CHARLES, LA (KPLC) - Tax cuts that could affect you, and your businesses may finally happen soon.
The House of Representatives recently approved its tax reform bill the same day the Senate finally advanced its plan.
Senator John Kennedy says a vote can be expected by Monday which could ultimately provide $1.5 trillion in tax cuts.
"This is what the tax bill is about...more money in your wallet," said Louisiana Senator John Kennedy.
And that's what Kennedy says he's working to do with the Senate's tax reform bill.
"The fundamental premises of this bill is that people and businesses in the private sector can spend the money they earn better than government can," he said.
Kennedy believes that by cutting taxes it will create more growth for our state by allowing families to spend more money and businesses to grow.
"Most small businesses are going to take that money and invest in their business," said Kennedy. "That's going to help their business to grow which means they are going to add jobs, and just as important, it's going to make their current employees more productive which would make the business more profitable which will make wages go up."
Thursday the House passed its tax reform. the House plan doesn't include one thing the Senate plan does, repealing the Affordable Care Act's individual mandate, something Kennedy believes needs to be done to help raise revenue for tax cuts.
"I don't believe that it is right to fine one of my fellow Americans…tax them for refusing to buy insurance they can't afford, and that's all our bill does," he said. "It eliminates the fine."
Another thing Kennedy is supportive of is keeping the adoption tax credit.
"A lot of people want to adopt but can't afford it," he said. "The adoption tax credit encourages it, and I'm very very pleased we were able to get that change made in the bill."
But with a new year looming in the distance, Kennedy is positive the plan will be done soon.
"My goal is to get it done in December, and make as much of the bill that we can effective January 1, 2018," said Kennedy.
The second week in December is when Kennedy hopes to have the bill on the President's desk.
He also says the Senate plans to return to reforming health care in early 2018.