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/r/news Republican Tax Plan Cuts Middle Class and Corporate Taxes, Leaves Retirement Savings Safe - newsbot View New | View Hot


Tags Used: John Carney, tax reform, Taxes, Economics, Big Government

AP Photo
House Republicans are unveiling their bill to overhaul the U.S. tax code Thursday. We’ll follow along with the news and analysis of the bill all day. Refresh this page for the latest updates. Here are the highlights: The House bill reportedly will permanently and immediately cut the corporate tax rate from 35 percent to 20 percent. Lawmakers dropped earlier plans to phase-in the tax cut over a number of years or have the cut sunset in the future, both measures aimed at reducing–on paper, at least–their impact on long-term budget deficits. The pass-through rate will be 25 percent, a huge cut for many small-businesses organized as sole-proprietorships and partnerships. As first reported by Breitbart in August, the bill will impose a one-time tax on corporate profits that have been accumulated and held abroad. By taxing these profits at 12 percent on a one-time basis, the bill eliminates the incentive for corporations to continue to avoid repatriating the funds and investing them in America or distributing them to shareholders. The risky plan to change the way Americans save for retirement, and possibly raise taxes on middle-income Americans, has been dropped. The bill will not change 401(k)s, according to talking points distributed

Posted 1 year ago