Tax cuts

House Republicans Raise Red Flags Over Senate Tax Bill
Differences on estate tax, state and local tax deduction could cause issues

Rep. Scott Perry, R-Pa., has concerns about the Senate not repealing the estate tax and worries the House have to vote on the Senate version of the tax overhaul bill. (Photo By Bill Clark/CQ Roll Call file photo)

The tax overhaul bill the Senate released Thursday could create problems in negotiations with the House, given its divergence on key areas like the estate tax and the state and local tax deduction.

House conservatives are already firing warning shots that some aspects of the Senate bill are unacceptable, like a one-year delay in the corporate tax rate cut and preservation of the estate tax.

Tax Bill Will Include 4th Tax Bracket on High-Income Earners, Ryan Says
Republicans’ tax framework had left the possibility open, but speaker suggests decision is to add one

Speaker Paul Ryan, R-Wis., said the tax overhaul bill  will include a fourth income tax bracket for high-income earners. (Tom Williams/CQ Roll Call file photo)

Speaker Paul D. Ryan said Friday that an upcoming tax overhaul bill will include a fourth income tax bracket for high-income earners, but he declined to reveal what the tax rate for that bracket will be. 

“The fourth bracket that the president and others are talking about that we’re going to do, we’re working on those numbers,” the Wisconsin Republican said on “CBS This Morning.” He added later in the interview that numbers “are going to be finalized in a matter of days.”

GOP Tax Unity Statement Creates Messaging, Negotiating Room
Big Six negotiators leave plenty of space on the table for differing ideas

House Ways and Means Chairman Kevin Brady plans to spend the August recess pitching a tax overhaul. (Bill Clark/CQ Roll Call file photo)

GOP congressional and administration leaders’ joint tax overhaul statement took one big item off the negotiating table Thursday but left almost everything else on it. And that’s likely by design. 

The official death of the border adjustment tax removes the most controversial idea from the tax overhaul conversation and provides GOP lawmakers and stakeholder groups with room to message on aspects of the tax rewrite effort that have garnered less attention. 

Paul Ryan: 'Don't Fall For' Cynicism on Tax Overhaul
Speaker touts plan at New Balance factory in Massachusetts

Speaker Paul Ryan, R-Wis., spoke Thursday about GOP plans to overhaul the tax code. (Tom Williams/CQ Roll Call File Photo)

Speaker Paul D. Ryan has a message for American families who only hear cynical talk coming out of Washington: “Don’t fall for it.”

Specifically, the Wisconsin Republican was addressing cynicism surrounding his top legislative priority of rewriting the nation’s tax code, which he acknowledges will be a heavy lift.

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