GOP/TAXES: “Republicans face a daunting challenge as their tax plan comes into sharper focus: They are trying to fit more than $5 trillion of tax cuts inside a $1.5 trillion box.
This week’s planned release of a unified GOP blueprint from the Senate, the House and the Trump administration marks the beginning of a race to a tax overhaul that will likely take months to complete. The plan will call for driving down the corporate tax rate into the low 20% range, from 35%, according to a person familiar with the discussions. It will also likely include a doubling of the standard deduction that would benefit many individual filers, lower individual rates, fewer tax brackets and sharply reduced rates for ‘pass-through’ business owners who pay tax on business income through their individual returns.
The tax rates laid out in the plan will present achievable guideposts that could shift as tax bills move through the House Ways and Means Committee and Senate Finance Committee, the person said.”
-Richard Rubin and Siobhan Hughes, “The GOP Tax Plan: Tough Choices With Limited Room to Maneuver,” The Wall Street Journal online, Sept. 26, 2017 05:30am