Million dollar bracket in the works for GOP tax plan

by
October 23, 2017

960x540The Republicans on the House Ways and Means Committee — engaged in a high-pressure, high-stakes tax policy rewrite — are currently exploring not cutting the income tax rate for people who earn $1 million or more per year.

  • Right now, the marginal tax rate for anyone who makes $418,000 or more per year is 39.6 percent. The Republicans’ opening gambit — secretly negotiated for months, and endorsed by Trump — would have cut the highest tax rate to 35 percent.
  • But now, House Republicans’ thinking has changed. Under their current thinking, people who earn between $418,000 and $999,999 will be in a lower tax bracket. But those earning $1 million or more will not.

Opting to keep taxing million-dollar-earners at the current 39.6 percent-rate will help stem the deficit increase from tax cuts for corporations and the middle class.

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