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posted by martyb on Tuesday October 17 2017, @07:52AM   Printer-friendly
from the that-will-help-reduce-the-deficit,-right? dept.

The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans

[...] The plan would likely cut the tax rate for the wealthiest Americans, now at 39.6 percent, to 35 percent, people familiar with the plan said Monday. They spoke on condition of anonymity ahead of a formal announcement.

In addition, the top tax for corporations would be reduced to around 20 percent from the current 35 percent, they said. It will seek to simply the tax system by reducing the number of income tax brackets from seven to three.

[...] Republican senators on opposing sides of the deficit debate have tentatively agreed on a plan for $1.5 trillion in tax cuts. That would add substantially to the debt and would enable deeper cuts to tax rates than would be allowed if Republicans followed through on earlier promises that their tax overhaul wouldn't add to the budget deficit.

https://www.apnews.com/d7929cdd15c3437db07147d219b391c4


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  • (Score: 4, Informative) by tangomargarine on Tuesday October 17 2017, @06:24PM (2 children)

    by tangomargarine (667) on Tuesday October 17 2017, @06:24PM (#583586)

    If the drop in corporate tax rate is accompanied by laws to prevent USA domiciled corporations holding profits untaxed overseas ("offshore corporate income tax deferral"), then it could increase revenues.

    Hey, there's this new crazy idea I've been working on: how much more would revenues increase if we just stopped cutting rich asshole taxes?

    --
    "Is that really true?" "I just spent the last hour telling you to think for yourself! Didn't you hear anything I said?"
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  • (Score: -1, Flamebait) by Anonymous Coward on Wednesday October 18 2017, @12:20AM (1 child)

    by Anonymous Coward on Wednesday October 18 2017, @12:20AM (#583740)

    Everybody who is more successful than me is stupid AND evil! How incredibly convenient!

    • (Score: 2) by tangomargarine on Wednesday October 18 2017, @02:45PM

      by tangomargarine (667) on Wednesday October 18 2017, @02:45PM (#583959)

      No, the 1% is a far cry from "everybody who is more successful than me."

      And I never said they were stupid or evil; I implied the representatives that keep giving them tax cuts are the stupid ones. It takes some level of competence to stay rich (anybody can win the lottery; it's what you do with it afterwards that says stuff about you).

      --
      "Is that really true?" "I just spent the last hour telling you to think for yourself! Didn't you hear anything I said?"