Monday, November 21, 2016

After Years of Turmoil, Republican Tax Overhaul Picks Up Speed

GOP brings hard-fought experience to effort to pass rate-lowering, base-broadening revamp

By Richard Rubin, WSJ (Original here.)
Updated Nov. 20, 2016 12:29 p.m. ET

Republicans’ race to rewrite the U.S. tax code on the heels of this month’s election relies on years of work that is suddenly—and quite unexpectedly—poised to pay off.

A 2017 tax overhaul would be a case study in the benefits of dead ends and behind-the-scenes preparation. Failure would show again how hard it is to reshape the U.S. tax system, even with rare political momentum and one-party control of government.

Republicans have long sought a rate-lowering, base-broadening revamp of the tax code, fusing differing business interests within the GOP coalition. Corporations would get a rate cut and lighter taxes on foreign income. So would small businesses, who report profits on their owners’ individual tax returns. Individuals would get those lower rates and simpler annual tax filing.


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