Republican Party

As the House tax bill hits the wires, leaked details of the Senate's tax bill are coming out...

There will be 7 tax brackets - considerably more complex than the 3 brackets in the House bill

Senate tax legislation will keep seven tax brackets but alter the rates, GOP Sen. John Hoeven tells reporters.

 

Hoeven says the brackets will be set at 7%, 12%, 22.5%, 25%, 32.5%, 35%, and 38.5% (lower than the current top tax rate of 39.6%)

For the past few weeks, Chuck Schumer and Nancy Pelosi have screamed to anyone who would listen that the GOP tax plan is nothing more than a tax break for millionaires and an attack on middle class working families.  But, as the Wall Street Journal points out this morning, America's millionaire, billionaire, private jet owners living in expensive urban areas are set to lose 'bigly' if Trump's $500,000 cap on the mortgage interest deduction survives.

U.S. equity futures are little changed as European and Asian shares retreated, led by sliding bank stocks and a drop in the dollar as doubts over republican tax cuts and ongoing bond curve flattening hurt sentiment and prompted fresh questions over the viability of the US expansion.

Authored by Danny Vinik via TheAgenda,

If you’re rich enough, some of your income is taxed at a rate unseen since the ‘80s.

House Republicans claim the tax plan they introduced Thursday keeps the top individual rate unchanged at 39.6 percent - the level at which it’s been capped for much of the past quarter-century. But a little-noticed provision effectively creates a new band in which income is taxed at over 45 percent.

The fading Republican establishment remains unable to reconcile its ongoing collapse, and continues to scapegoat Donald Trump for all the GOP's troubles instead of looking in the mirror.