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.