Economics
The GOP Tax Plan Is Already Hitting Speed Bumps
- Corker questions whether GOP has fortitude for tax overhaul
- Republicans split on whether tax plan can add to the deficit
Tax Plan Is Not a Slam Dunk, Says Credit Suisse's Gage
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The White House is showing "softness" on ending a $1.3 trillion federal tax deduction filers get for their state and local taxes, Senator Bob Corker said Monday, warning that it raises questions about the GOP’s "intestinal fortitude" and could imperil a tax overhaul.
The framework that President Donald Trump and Republican leaders released Wednesday calls for deep rate cuts and would abolish existing tax breaks to help pay for them. Without such “pay-fors,” Congress might have to settle for only temporary tax cuts.