The GOP Tax Plan: Tough Choices With Limited Room to Maneuver
Republicans face a daunting challenge as their tax plan comes into sharper focus: They are trying to fit more than $5 trillion of tax cuts inside a $1.5 trillion box.
This week’s planned release of a unified GOP blueprint from the Senate, the House and the Trump administration marks the beginning of a race to a tax overhaul that will likely take months to complete. 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. . .