Fresh off yesterday’s failure theater concerning the repeal of Obamacare, the GOP establishment is trying to convince us they are now focused like a laser on tax reform.
Republicans will unveil sweeping changes to America’s tax code Wednesday in a proposal that dramatically lowers taxes on businesses and many households but remains silent on thorny issues such as how to pay for it all.
The framework—a joint product of the Trump administration and Republican leadership—calls for lowering the corporate rate from 35 to 20 percent. It would also bring down the rate for so-called pass-through businesses to 25 percent; currently, they are taxed under the individual code.
The plan, described to CNBC by multiple sources, would collapse the current seven personal tax brackets to just three: 12, 25 and 35 percent. It eliminates the deduction for state and local taxes, but nearly doubles the standard deduction. The child tax credit also would be substantially increased, though it was unclear by exactly how much.
Serious question: Does anyone actually believe GOPe scrubs like McCain, Collins, et al will agree to tax cuts? You can count the true conservatives in the Senate on one hand, and ironically, Donald Freakin’ Trump is acting more like a conservative than most of them.