How Will President Trump ’s Tax Plan Work?

More than 24 hours after the release of the GOP’s tax plan and there are more questions than answers about how it will affect everyday Americans. Corporations would get a tax break on earnings and reduced rates to repatriate overseas reserves. The impact on the highest wage-earners, like President Trump, seems clear, with the elimination of the alternative minimum tax, the estate tax and the lowering of the top tax rate providing substantial benefit. For the lowest earners, the doubling of the standard deduction should move more people to the “zero” bracket. It’s those in the middle—the middle class that Trump has said he wants to help — that is the most opaque, with officials withholding their precise income ranges for the new brackets, as well as the details on which deductions will stay or go. Of course, all of this now goes to congressional committees to sort out. There, many Republicans aren’t confident about being able to pass the massive — and expensive — tax cut package in one go. And politically, some in the GOP would be happy with just a symbolic cut that falls far short of broad tax reform, because it would give them the ability to confect a legislative victory before the midterm elections. How Donald Trump’s NFL criticism fits his broader political playbook. The GOP grapples with Roy Moore’s victory. And tech is in the hot seat. Here are your must reads: Must Reads Inside Donald Trump’s Lates...
Source: TIME.com: Top Science and Health Stories - Category: Consumer Health News Authors: Tags: Uncategorized Morning Must Reads Source Type: news