House Republicans are racing to finalize the details of their tax plan (there are so many possible ways to cut taxes on the wealthy and corporations!), and in the end they couldn't quite follow through on their promise that the plan would be released on Wednesday:
Sources on Capitol Hill and at the White House told CNN Tuesday evening that the GOP bill's release would be delayed until Thursday, but adding to the confusion, House Ways and Means Chairman Kevin Brady emerged after a three-hour meeting with his committee members to say that there were no scheduling changes to announce just minutes before he finally announced the bill had been delayed.
Highly organized professionals who know how to run government like a finely tuned machine, there. But it takes work cutting taxes on the wealthy while making it look like you aren’t:
One key development as of Tuesday: Republicans plan to keep a top income tax rate of 39.6% for individuals in the expected tax reform plan, a move designed to uphold promises made by President Donald Trump that any tax cuts would not benefit top income earners.
Ryan, according to multiple sources, told conservative leaders in the meeting that the bill will keep the top rate, but it would apply to people who make substantially more money than those who currently pay the same rate.
So as long as someone pays that top rate, they can claim that they didn’t cut taxes on the wealthiest people. Even as they repeal the estate tax—whether immediately or later, to make the tax plan look less costly—benefiting only people with multimillion-dollar estates.
Currently the Republicans plan to keep the state and local tax deduction for property but not income, in order to keep the votes of just enough Republicans whose districts will be affected by the elimination of that deduction.
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