Some Could Face 100% Marginal Tax Rates

“Republicans are moving their tax plan toward final passage at stunning speed, blowing past Democrats before they’ve had time to fully mobilize against it but leaving the measure vulnerable to the types of expensive problems popping up in their massive and complex plan,” the Washington Post reports.

“Questionable special-interest provisions have been stuffed in along the way, out of public view and in some cases literally in the dead of night. Drafting errors by exhausted staff are cropping up and need fixes, which must be tackled by congressional negotiators working to reconcile competing versions of the legislation passed separately by the House and the Senate.”

Wall Street Journal: “Some high-income business owners could face marginal tax rates exceeding 100% under the Senate’s tax bill, far beyond the listed rates in the Republican plan. That means a business owner’s next $100 in earnings, under certain circumstances, would require paying more than $100 in additional federal and state taxes. As lawmakers rush to write the final tax bill over the next week, they already are looking at changes to prevent this from happening.”

FavoriteLoadingSave to Favorites