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GOP 9 page tax plan framework and corporate impact

  • Axios – “Here’s a [copy of the] summary of the plan that’s being released today, obtained by Axios from outside sources. More details to come.”
  • Axios – What you need to know about the GOP tax plan – “While it includes some key policies — like the elimination of the deduction for state and local taxes — it leaves many crucial details to congressional committees to fill in.”
  • Washington Post – GOP proposes deep tax cuts, provides few details on how to pay for them – “The nine-page framework they released to kick off negotiations left many key questions unanswered, including how they plan to avoid adding trillions of dollars to the government’s debt. The framework leaned heavily on limiting taxes paid by the wealthiest Americans, such as the alternative-minimum tax, and opposition to these changes from Democrats suggest it will be a battleground as negotiations intensify. Republicans were also careful not to identify numerous tax breaks they might remove, focusing instead of promises to lower rates so much that President Trump estimated the effort would amount to the biggest tax cut of all time. The “unified framework” was meant to serve as a starting point for negotiations on a tax deal, which lawmakers hope to complete by the end of the year. Republican leaders are now tasked with resolving controversial questions to unite their party — and possibly some Democrats — behind tax legislation, such as what corporate tax breaks to protect and how much revenue they are willing to lose in pursuit of new economic growth…”
  • The New York Times – Trump Tax Proposal Benefits Wealthy, Including Trump – “The administration’s tax plan provides large benefits for the wealthy, modest benefits for the middle class — and no direct benefit to the poor.”
  • Bloomberg – “President Donald Trump and Republican leaders launched an urgent effort to get a major legislative win this year, announcing a long-awaited tax plan that will immediately set off a fight over how much top earners should pay. The framework proposes cutting the top individual rate to 35 percent — but leaves it up to Congress to decide whether to create a higher bracket for those at the top of the income scale, according to the document released Wednesday. [Read the 9-page outline of Republicans’ tax overhaul plan here]. The rate on corporations would be set at 20 percent, down from the current 35 percent, and businesses would be allowed to immediately write off their capital spending for at least five years. Pass-through businesses would have their tax rate capped at 25 percent…”

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