Tags: senate | tax plan | corporate tax cut | repatriation

WashPost: Senate Tax Plan Would Delay Corporate Rate Cut

Image: WashPost: Senate Tax Plan Would Delay Corporate Rate Cut
Senate Major Leader Mitch McConnell, R-Ky., (Alex Wong/Getty Images)

By    |   Tuesday, 07 November 2017 06:30 PM

Senate Republicans are planning a one-year delay in a major corporate tax cut in their reform plan, The Washington Post reported Tuesday.

The Post cited "four people familiar with a draft of the legislation."

The delay would save about $100 billion and is expected to face strong resistance from President Donald Trump, who has called for an immediate reduction to the corporate rate from 35 percent to 20 percent.

The legislation is expected to be released Thursday by the Senate Finance Committee, the Post reports.

House Republicans unveiled their reform plan last week.

Trump praised the House proposal, saying "it's all about jobs" and "we'll make America globally competitive again."

Besides slashing the corporate rate, the House plan lowers taxes for most Americans, though it limits the deduction for homeowners and would add $1.5 trillion to the nation's debt over the next decade.

In addition, the Senate blueprint is expected to differ from the House on those individual tax provisions, the Post reports.

The Senate plan, for instance, would eliminate the state and local tax deductions that families take, which would go further than the House bill.

Senate negotiators are also expected to keep the seven current income tax brackets, versus the four proposed by the House, the Post reports.

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The Washington Post reported, citing sources Tuesday, Senate Republicans are planning a one-year delay in a major corporate tax cut in their reform plan.
senate, tax plan, corporate tax cut, repatriation
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2017-30-07
Tuesday, 07 November 2017 06:30 PM
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