Trumps Tax Plans

Nothing unifies Republicans like cutting taxes.Still, determining which taxes to cut — and how deeply to cut them — can be an ordeal.With Republicans on track for total control of Washington next year, they’ll have to work through several contentious questions before they can pass another tax cut.The most important issue will be the cost of the legislation.

Some Republicans worry about cutting taxes too much and blowing up the deficit.Others believe tax cuts juice the economy and are worth the consequences.

Plenty of Republicans think Americans should keep more of the money they earn.In today’s newsletter, I’ll walk through three scenarios for how Republicans could approach cutting taxes next year.1.The status quoIn 2017, President Donald Trump signed a major tax cut.

To contain its cost, Republicans scheduled many of the provisions to expire after 2025, betting that a future Congress would continue them.That gamble looks as if it will pay off.Republicans generally agree that the law’s biggest provisions — including lower income-tax rates, a larger standard deduction and lower taxes for many businesses — should not end next year.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.

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