News that Republican lawmakers had delayed the release of their tax bill by one day served to underscore the enormous complexity of paying for tax cuts that by some estimates will add more than $2 trillion to the federal debt.
Both chambers of Congress have passed budget resolutions that will pave the way for $1.5 trillion in new deficit spending.
But that will just begin to cover the cost of lowering the corporate tax rate from 35 percent to 20 percent, and lowering individual bracket rates to zero, 10 percent, 25 percent, and 35 percent. Tax writers are reportedly considering keeping the existing top individual rate of 39.5 percent from income over $1 million.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
