Tags: republican | committee | million dollars | income tax

GOP Committee Looking at Not Cutting Tax Rate for Millionaires

GOP Committee Looking at Not Cutting Tax Rate for Millionaires
(Arno Burgi/AP)

By    |   Monday, 23 October 2017 09:12 AM

The Republicans on the House Ways and Means Committee are considering not cutting the income tax rate for those who earn $1 million or more each year, according to a report Sunday in Axios.

Keeping the million-dollar earners' rate at its current level of 39.6 percent would help rein in the increase to the deficit that would result from providing cuts to corporations and to the middle class, Axios reported.

The plans have not been finalized and could change, as Republicans put the final work into the tax bill during meetings this Tuesday and Wednesday, the report said.

The 39.6 percent rate now applies to those who make $418,000 or more. The initial plan from Republicans, which President Donald Trump endorsed, would have cut that rate to 35 percent. However, the current plan is to place those who earn between $418,000 and $999,999 in a lower tax bracket, according to Axios.

One administration official told Axios that Trump is not concerned about a cut for million-dollar earners.

"He basically thinks they (rich people) are fine and he believes they don't care that much about the individual rate so long as they get all the other goodies, like the corporate rate and expensing," said the official.

House Speaker Paul Ryan said Friday that the GOP's tax reform plan would include a fourth tax bracket so that top earners would not see a big tax cut.

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The Republicans on the House Ways and Means Committee are considering not cutting the income tax rate for those who earn $1 million or more each year, according to a report Sunday in Axios.
republican, committee, million dollars, income tax
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2017-12-23
Monday, 23 October 2017 09:12 AM
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