The GOP Tax Plan: Tough Choices With Limited Room to Maneuver
Republicans will likely struggle to squeeze all their priorities into a deal that allows for $1.5 trillion in tax cuts
The plan will call for driving down the corporate tax rate into the low 20% range, from 35%, according to a person familiar with the discussions. It will also likely include a doubling of the standard deduction that would benefit many individual filers, lower individual rates, fewer tax brackets and sharply reduced rates for “pass-through” business owners who pay tax on business income through their individual returns.
.. Republicans also have said they want to eliminate the estate tax, repeal the alternative minimum tax, expand write-offs for business investments and reduce taxes on U.S. corporate foreign profits.
.. the Republicans’ wish list will likely add up to more than $5 trillion worth of tax cuts over a decade