By Dan Calabrese —— Bio and Archives--December 13, 2017
Like just about everything that comes out of Congress, you'd do it differently if you could do it all by yourself. But at first glance this is a much better conference committee report than I feared we might get. Putting the corporate tax rate at 21 percent instead of 20 percent makes it a little less growth-friendly, but it's still an awful lot better than the present rate of 35 percent. And the tradeoff is that the top individual rate is only 37 percent instead of the originally anticipated 39.6 percent.
Not bad at all:
The agreement would set the top individual tax rate at 37%, a person familiar with the deal said. That is lower than today’s 39.6% rate and lower than the top rate in each of the bills that passed the House and Senate. Republicans said they were considering that change to address concerns from high-earning residents in high-tax states who would take a hit because they would lose the ability to fully deduct state and local taxes.
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