GOP proposes deep tax cuts and few details on how to pay for them

Source: Damien Paletta, Mike DeBonis & Carolyn Johnson, Washington Post (Paid Registration)

Republican leaders proposed slashing tax rates for the wealthy, the middle class and businesses while preserving popular tax deductions that encourage buying homes and giving to charity, hoping to unify the party behind a proposal to revamp the U.S. tax code. 

But the nine-page framework they released to kick off negotiations left many key questions unanswered, including how they plan to avoid adding trillions of dollars to the government’s debt.  Republicans were also careful not to identify numerous tax breaks they might remove, focusing instead on promises to lower rates so much that President Trump estimated the effort would amount to the biggest tax cut of all time.

Read Full Article: GOP proposes deep tax cuts and few details on how to pay for them

 

Tags/Keywords

taxes, tax deductions, tax cuts


 
 

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