Tags: Trump Administration | GOP | tax plan | corporate | rate

WSJ: GOP Tax Plan Keeps Top Tax Rate at 39.6 Percent

Image: WSJ: GOP Tax Plan Keeps Top Tax Rate at 39.6 Percent
Rep. Kevin Brady, R-Texas listens as President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (Evan Vucci/AP)

By    |   Wednesday, 01 November 2017 09:32 AM

As the House Republican leadership delayed the release of their tax plan by at least one day in an attempt to iron out differences, The Wall Street Journal reported on Wednesday that a top individual tax rate of 39.6 percent will be maintained.

The GOP had originally been considering a cut in the top rate to 33 percent, or at least to 35 percent. Although the idea now is to keep the rate the same, the top bracket would possibly cover a smaller segment of the population.

Democrats have been particularly vocal in criticizing Republicans for a tax plan that largely benefits the wealthy, as the proposal also sharply reduces the corporate tax rate to 20 percent and repeals the estate tax, which next year was supposed to only pertain to those estates worth more than $5.6 million

The GOP delayed the release of the plan's detail in an effort to iron out differences over these and other thorny issues, such as how to treat deductions for state and local taxes. Repealing those deductions would harm many in high-tax states like New York, New Jersey and California.

House Minority Leader Nancy Pelosi accused Republican colleagues from her state who are supporting the plan of "looting" California taxpayers by increasing the tax burden on middle class families, The Mercury News reported.

Republicans are eager to fast-track the bill through the House by Thanksgiving and get it to the president's desk for signing by the end of the year, according to The Wall Street Journal.

But once the details of the plan are fully known, opponents of getting rid of one tax break or another are sure to criticize, and questions remain over how much the proposal will increase the deficit.

House Ways and Means Committee Chairman Kevin Brady, the bill's chief author, remained optimistic, however, after consulting with House leaders and President Donald Trump on the plan's timetable.

"We are pleased with the progress we are making and we remain on schedule to take action and approve a bill at our committee beginning next week," he said.

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As the House Republican leadership delayed the release of their tax plan by at least one day in an attempt to iron out differences, The Wall Street Journal reported on Wednesday that a top individual tax rate of 39.6 percent will be maintained.
GOP, tax plan, corporate, rate
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2017-32-01
Wednesday, 01 November 2017 09:32 AM
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