Monday, July 11, 2016

What Trump and the G.O.P. Can Agree On: Tax Cuts for the Rich

By PATRICIA COHEN, NYT
JULY 10, 2016

In some important ways, the House Republicans’ new plan to overhaul the tax code has more in common with proposals from the candidates who lost their party’s presidential nomination than those from Donald J. Trump, the one poised to win it.

Like Senator Ted Cruz of Texas, the Republicans boast that most Americans will be able to file their taxes on a postcard.

Like the former Florida governor Jeb Bush, they would eliminate deductions for interest payments for businesses and allow them to immediately write off all capital investments.

Like Senator Marco Rubio of Florida, they would no longer tax a company’s foreign profits.

But most significant, the blueprint, shepherded by Paul D. Ryan of Wisconsin, the House speaker, embraces a transformational shift promoted by both Mr. Cruz and Mr. Rubio, but not Mr. Trump: a move away from taxing income to a system that basically taxes consumption.

(More here.)

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