Taking Action on Taxation

Congress may start voting today to lay the groundwork for a massive overhaul of the nation's tax system.

 

President Trump appeared before the conservative Heritage Foundation last night, and promised tax cuts to spur the economy. The President’s plan would reduce individual income tax rates and the number of tax brackets as well as usher in a big cut to the corporate income tax. Republicans cleared a big hurdle yesterday when Senator John McCain (R-AZ) voted to move the process forward. But, other Pepublicans may be tough to convince as the debate continues, especially because of the potential impact on the deficit. Democrats may also not go along with it, saying the public is already convinced the plan favors the wealthy. Compromise could come thanks to an emerging deal to save Obamacare: reinstating payments to insurance companies that President Trump had announced he would eliminate.