News that Republican lawmakers had delayed the release of theirtax bill by one day served to underscore the enormous complexity ofpaying for tax cuts that by some estimates will add more than $2trillion to the federal debt.
Both chambers of Congress have passed budget resolutions thatwill pave the way for $1.5 trillion in new deficit spending.
But that will just begin to cover the cost of lowering thecorporate tax rate from 35 percent to 20 percent, and loweringindividual bracket rates to zero, 10 percent, 25 percent, and 35percent. Tax writers are reportedly considering keeping theexisting top individual rate of 39.5 percent from income over $1million.
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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.
