News

Republican negotiators reach deal on tax plan

House and Senate Republicans reportedly have struck a deal that could see both chambers voting on the sweeping tax reform bill next week.

As The Washington Post reports the agreement on the Tax Cuts and Jobs Act:

…would lower the corporate tax rate to 21 percent beginning in 2018…

The agreement would also lower the top tax rate for families and individuals from 39.6 percent to at least 37 percent, a change that would deliver a major tax cut for upper-income households.

Many of the benefits for families and individuals would be temporary, expiring after a period of years. The tax breaks for most businesses, however, would be locked in permanently, a condition that Republicans have said will help firms make long-term investment decisions.

The package is expected to add at least $1 trillion to the debt over 10 years. Republicans and White House officials have said it would lead to so much economic growth that it would wipe out any impact on the debt, though they haven’t offered any economic models to back up this assertion.

We spoke to Alexandra Sirota, director of the NC Budget & Tax Center about the broader impact of the the tax reform plan last week on News & Views with Rob Schofield. Click below to watch a segment of that interview:

Listen to Sirota’s full radio interview below:

President Trump pledged Wednesday business interests would be pleased with the reform package.

Democrats are seeking to delay a final vote on the tax overhaul bill until Alabama’s newly elected Senator Doug Jones can be sworn in.

Check Also

The week’s top stories on NC Policy Watch

1. Lack of support for power-grabbing amendments speaks ...

Top Stories from NCPW

  • News
  • Commentary

Chief US District Judge Terrence Boyle, a New Jersey-born jurist known for his bristly disposition a [...]

More than two dozen people crowded into a conference room at the North Carolina Judicial Center Wedn [...]

If North Carolina goes forward with the recommendation to allow a private charter operator to take c [...]

Early voting starts today, which means North Carolinians will finally get to decide on six proposed [...]

There are a lot of strange – even downright bizarre – aspects to the ongoing effort by North Carolin [...]

The power of the vote extends beyond any single electoral outcome. It has the potential to lift up i [...]

The post Nix all Six appeared first on NC Policy Watch. [...]

When lawmakers convene next week for a second special session of the North Carolina General Assembly [...]