The new tax bill is about one thing, and one thing only...
passing a bill so the GOP can claim at least one victory this year.
Unfortunately, rushing to pass a bill may have unintended consequences.
WASHINGTON—Some high-income business owners could face marginal tax rates exceeding 100% under the Senate’s tax bill, far beyond the listed tax rates in the Republican plan.
That means a business owner’s next $100 in earnings, under certain circumstances, would require paying more than $100 in additional federal and state taxes.
As lawmakers rush to write the final tax bill over the next week, they already are looking at changes to prevent this from happening. Broadly, House and Senate Republicans are trying to reconcile the bills they passed, looking for ways to pay for eliminating the most contentious proposals. The formal House-Senate conference committee will meet Wednesday, and GOP lawmakers may unveil an agreement by the end of the week. The Wall Street Journal
In the rush to pass, what else will happen to taxpayers so republicans can say “they did it?”