GOP Tax Plan Won’t Cut Rate for Highest Earners

GOP Tax Plan Won’t Cut Rate for Highest Earners

The Republican party’s tax reform will not cut the rate for the highest individual earners. The top individual tax rate will remain at 39.6%, say officials familiar with the developing tax plan.  The individual tax rate has been the subject of controversial conversations about how some of the wealthiest Americans are to be treated by a tax overhaul.  Republicans had floated the idea of a 33-35% rate but have decided not to change the rate, but rather a number of people subjected to said rate. Top Republican policymakers are excited about reform and are looking to make a splash in policy. We are pleased with the progress we are making, and we remain on schedule to take action and approve a bill at our committee beginning next week,” House Ways and Means Committee Chairman Kevin Brady (R., Texas) said on Tuesday.  Delays have kept the bill from being officially revealed, but speculation says the legislation will be released no late than next week.

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