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GOP tax overhaul bears watching

Faster horses

Well-known member
Mark Levine is calling them names. And not nice ones.


AP/ November 4, 2017, 12:32 PM

House GOP quietly revises tax bill to tax income at higher rates over time

https://www.cbsnews.com/news/house-gop-quietly-changes-tax-bill-to-tax-income-at-higher-rates-over-time/?ftag=COS-05-10aaa0g&utm_campaign=trueAnthem%3A+Trending+Content&utm_content=59fe6dd204d3015e35630ec5&utm_medium=trueAnthem&utm_source=twitter

House Republicans on Friday quietly made changes to their far-reaching tax overhaul: Now its tax cuts would be less generous for many Americans.

A day after the GOP unveiled its plan promising middle-class relief, the House's top tax-writer, Rep. Kevin Brady, R-Texas, released a revised version of the bill that would impose a new, lower-inflation "chained CPI" adjustment for tax brackets immediately instead of in 2023. That means more income would be taxed at higher rates over time — and less generous tax cuts for individuals and families.

The change, posted on the website of the Ways and Means Committee, reduces the value of the tax cuts for ordinary Americans by $89 billion over 10 years compared with the legislation released with fanfare Thursday.

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