tax overhaul

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Tax Bill Will Include 4th Tax Bracket on High-Income Earners, Ryan Says
Republicans’ tax framework had left the possibility open, but speaker suggests decision is to add one

Speaker Paul Ryan, R-Wis., said the tax overhaul bill  will include a fourth income tax bracket for high-income earners. (Tom Williams/CQ Roll Call file photo)

Speaker Paul D. Ryan said Friday that an upcoming tax overhaul bill will include a fourth income tax bracket for high-income earners, but he declined to reveal what the tax rate for that bracket will be. 

“The fourth bracket that the president and others are talking about that we’re going to do, we’re working on those numbers,” the Wisconsin Republican said on “CBS This Morning.” He added later in the interview that numbers “are going to be finalized in a matter of days.”

Ryan Threatens to Keep Members in for Christmas to Finish Tax Overhaul
‘I don’t care. We have to get this done,’ speaker says

House Speaker Paul D. Ryan said he will keep members in session over Christmas if needed to complete a tax overhaul. (Tom Williams/CQ Roll Call)

Nothing seems to push lawmakers to get their jobs done and pass legislation more than the threat of having to be in Washington over the holidays. 

Knowing this, House Speaker Paul D. Ryan made it clear Thursday that Congress staying in session over Christmas is an option if they have not advanced a tax overhaul bill by then. 

GOP Tax Messaging Heavy on Business Benefits
‘It all leads to the same end,’ speaker said of trickle-down effect of tax legislation

Speaker Paul D. Ryan and Rep. Andy Harris speak to employees at Dixon Valve & Coupling Company about the GOP’s still developing tax legislation. (Thomas McKinless/CQ Roll Call)

CHESTERTOWN, Md. – “Cutting taxes is great for the businesses to make businesses more money. But how is that going to lower my taxes, or make sure it comes down to me?” That was the question a 20-year-old Dixon Valve & Coupling employee posed to Speaker Paul D. Ryan on Thursday.

Visiting the company’s headquarters to promote the GOP’s still developing tax legislation, Ryan told the employee that he plans to lower taxes on individuals so they take home more of their paychecks. Then he quickly pivoted back to his primary message.

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Ryan Touts ‘Simple, Fair’ Tax Overhaul Plan

Republican leaders unveiled their proposal for a tax overhaul on Wednesday.

GOP Tax Framework: 20 Percent Corporate, 35 Percent Top Individual Rates
Nine-page document provides few new details

House Speaker Paul D. Ryan and Senate Majority Leader Mitch McConnell are part of the Big Six group that unveiled a tax overhaul framework. (Bill Clark/CQ Roll Call File Photo)

The Republican tax overhaul framework calls for cutting tax rates to 20 percent for corporations, 25 percent for small businesses and 35 percent for high-income individuals. 

The nine-page document provides only a few other new details about GOP plans for rewriting the tax code. Many of the policies outlined in the framework are ones included in the House Republicans’ “A Better Way” plan released last year. 

Podcast: Why Any Tax Cuts Could Be Temporary
Budget Tracker Extra, Episode 32

It’s not you, it’s me. (RJ Matson/CQ Roll Call)

CQ budget reporter Paul M. Krawzak explains why a Senate budget resolution would add between $750 billion and $1.5 trillion or more to the deficit over 10 years, making any tax cuts temporary.

Show Notes:

Three Hurdles the GOP Faces on Tax Overhaul