Congressional Republicans in advanced talks to reduce the tax rate for top earners to 37

[brooklynite]

Source: Washington Post

Congressional Republicans are in advanced talks to lower the top tax rate for individuals from 39.6 percent to 37 percent as they finalize a massive $1.5 trillion tax package, said two people familiar with the negotiations.

The move follows complaints from wealthy taxpayers in New York and elsewhere that their taxes could go up under the legislation because of other changes it makes to the code.

The change, if finalized, would amount to a major tax cut for the wealthiest Americans. And it would be certain to spark a furious response from Democrats who are unanimously opposed to the legislation which they already have been casting as a giveaway to corporations and the rich.

Read more: https://www.washingtonpost.com/news/business/wp/2017/12/12/congress-could-finalize-deal-to-reconcile-house-and-senate-tax-bills-as-soon-as-today-top-republican-says/

[getagrip_already]

1. no worries....

they will just increase the rates on the poor and middle income brackets.

It will be revenue neutral that way. (sarcasm)

[Bengus81]

7. Doesn't sound like alot until you consider someone making $5M per year........

That's a $120,000 per year tax break paid for by the middle class............

[handmade34]

2. well

of course they are...

[Dustlawyer]

3. We need to put the focus back on opposing this tax Bill!!!!!

[n2doc]

4. I wonder what crap they are pulling to get it under the senate filibuster rules?

Supposedly it isn't allowed to add over a certain amount to the debt over 10 years if it is going under reconciliation. Senate bill was already struggling to meet that.

Whatever trick they pull, you can bet it will cost the 99%.

[n2doc]

5. "wealthy taxpayers in New York..."

Wonder who they could be.....?


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[stuffmatters]

6. Trump's friends angry they're losing the State tax deductions, Instead of restoring those & helping

the middle class, the Repugs just lower the highest tax bracket % for their backers/employers..

That's today's installment of tax voodoo in Trump/Mitch/Ryanland.