Los Angeles Times writer Lisa Mascaro reported yesterday that, “The much-anticipated House GOP tax plan will keep the current top tax rate of 39.6% for the most affluent Americans but will make that bracket apply only to ‘substantially’ higher incomes than the current $470,700 for couples, House Speaker Paul D. Ryan told a group of conservative interest groups Tuesday.
“The plan will also delay any repeal of the estate tax for two to three years, the speaker told the group, according to participants in the private meeting.”
Ms. Mascaro noted that, “House leaders have been planning to introduce their bill on Wednesday, but GOP leaders indicated that may slip to Thursday amid continued negotiations over some parts of the measure.
“Some Republicans are urging a gradual phase-down of the corporate rate as a way to reduce the costs of the sweeping GOP tax-cut package. In order to pass in the Senate, the tax plan may not add more than $1.5 trillion to the deficit over 10 years.”
Yesterday’s article added that, “Other key elements remain under discussion, including how to limit state and local deductions and whether to impose caps on tax-deferred 401(k) retirement accounts.”
