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GOP tax bill will slash corporate rate, drop levies on rich

By The Associated Press

This article was published December 15, 2017 at 5:49 p.m.

house-ways-and-means-committee-chairman-rep-kevin-brady-r-texas-speaks-to-reporters-on-capitol-hill-in-washington-friday-dec-15-2017-on-the-progress-of-an-agreement-on-a-sweeping-overhaul-of-the-nations-tax-laws-ap-photosusan-walsh

House Ways and Means Committee Chairman Rep. Kevin Brady, R-Texas, speaks to reporters on Capitol Hill in Washington, Friday, Dec. 15, 2017, on the progress of an agreement on a sweeping overhaul of the nation's tax laws. (AP Photo/Susan Walsh)

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WASHINGTON — After weeks of quarrels, qualms and then last-minute horse-trading, Republicans revealed their huge national tax rewrite late Friday — along with announcements of support that all but guarantee approval next week in time to give President Donald Trump the Christmas legislative triumph he’s been aching for.

The legislation would slash tax rates for big business and lower levies on the richest Americans in a massive $1.5 trillion bill that the GOP plans to muscle through Congress next week. Benefits for most other taxpayers would be smaller.

According to a summary of the measure circulating among lobbyists, today’s 35 percent rate on corporations would fall to 21 percent, the crown jewel of the measure for many Republicans. Trump and GOP leaders had set 20 percent as their goal, but added a point to free money for other tax cuts and that won over wavering lawmakers in final talks.

The legislation represents the first major legislative achievement for the GOP after nearly a full year in control of Congress and the White House. It’s the widest-ranging reshaping of the tax code in three decades and is expected to add to the nation’s $20 trillion debt. The debt is expected to soar by at least $1 trillion more than it would without the tax measure, according to projections.

Democrats are expected to oppose the legislation unanimously.

The bill would drop today’s 39.6 percent top rate on individuals to 37 percent. The standard deduction — used by around two-thirds of households — would be nearly doubled.

Those who itemize their taxes face mixed results. The $1,000 per child tax deduction would grow to $2,000, with up to $1,400 available in IRS refunds for families who owe little or no taxes.

But the deduction that millions use in connection with state and local income, property and sales taxes would be capped at $10,000. Deductions for medical expenses that lawmakers once considered eliminating would be retained.

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Comments on: GOP tax bill will slash corporate rate, drop levies on rich

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Displaying 1 - 7 of 7 total comments

wolfman says... December 15, 2017 at 5:58 p.m.

Once again the trump administration and republicans at work to save the BIG corporations more money and the middle and lower classes see no benefits of the bill. WAKE UP PEOPLE. When will you realize trump isn't for you he's for his friends! But yet the ones that voted for him are getting SCREWED!!!

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RBear says... December 15, 2017 at 6:06 p.m.

Today, Michael Bloomberg penned a scathing editorial about how badly this bill really is. As he pointed out, it was rushed through behind closed doors, will not spur the growth claimed by Republicans, and will have a lasting negative impact on our nation. He points out the real needs of our country that could create true growth through investment in people, infrastructure, and trade, none of which you will find in this bill.
...
It is a bill designed for a specific purpose: to reward the rich and to claim the only true political victory of a party in chaos. It is a bill that ignores average Americans to shower rewards on the wealthy. It is a bill that will set our country back with no real chance of recovery.

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DontDrinkDatKoolAid says... December 15, 2017 at 7:58 p.m.

Really you guys !!! Where do you think the added cost of doing business is pasted on down to. THE END USER.

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RBear says... December 15, 2017 at 8:46 p.m.

DDDK, what the heck does that mean? You really think these tax cuts will reduce prices? How freakin' dumb are you? These will either be passed along to shareholders or in stock buy-backs. You're trying to prop up Laffer economics which has NEVER proven to work.

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DontDrinkDatKoolAid says... December 15, 2017 at 9:45 p.m.

Worked for JFK and Reagan.

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RBear says... December 16, 2017 at 8:56 a.m.

DDDK, did the research. See my comment in today's article on the tax cut bill. No dispute it worked then, but the economic situation is MUCH different now. It only worked because the marginal rate was so high. Do the research yourself.

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JustsayMoe says... December 16, 2017 at 11:39 a.m.

"with up to $1,400 available in IRS refunds for families who owe little or no taxes"

Pay no taxes and still get a refund? Call it what it is:

"with up to $1,400 available in redistributed taxes paid by others given to families who owe little or no taxes

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