GOP/TAXES/TRUMP AS PRESIDENT: “Republicans cheered the unveiling of their long-awaited tax-overhaul bill, though fault lines quickly emerged over some of its components…
Yet the 400-page measure also drew quick rebuffs from some of the Republicans’ reliable allies outside of Congress, including the Club for Growth, the National Association of Realtors, and the National Federation of Independent Business, which represents small businesses.
The divisions reflect some of the trade-offs GOP leaders had to make to lower the corporate tax rate and lower income-tax rates for many households. The fissures also illustrate the Republicans’ struggle to accommodate President Donald Trump’s populist leanings as they pursue the longstanding conservative goal of rewriting the tax code.
Epitomizing this battle was GOP leaders’ decision to leave the top individual income-tax rate at its current level of 39.6%, though the income threshold paying this rate rose to $1 million for married couples, up from $480,050. Many Republicans had hoped to lower the top rate as well, arguing that reducing it to 33% or 35% would juice job creation and stimulate the economy.”
-Kristina Peterson and Siobhan Hughes, “Tax Plan Puts GOP Divisions on Display,” The Wall Street Journal online, Nov. 2, 2017 05:55pm