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

Board of Governors’ actions ‘deeply troubling,’ harmful to UNC’s reputation

The decision of the UNC Board of Governors ...

Top Stories from NCPW

  • News
  • Commentary

“Is this person a citizen of the United States?” To some that might seem like a simple question to p [...]

Many Robeson County residents have drinking water that is more acidic than strong black coffee, whil [...]

Cases from NC, Virginia, Maryland could provide vehicle for Supreme Court to issue a definitive ruli [...]

At the corner of 4th and Liberty Streets in downtown Winston-Salem, the city is changing. A construc [...]

Same-sex couples in North Carolina won the freedom to marry in 2014, but LGBTQ people continue to be [...]

At long last, we’ve learned who UNC Chancellor Carol Folt is, just in time to say farewell. Folt’s i [...]

If there’s a single most maddening and telling hallmark of the hard Right leadership that’s dominate [...]

Did you know that student performance in North Carolina charter schools is increasingly falling behi [...]