Republicans are planning a big package of tax cuts, they keep telling us. But what’s going to be in it? Possibly changes to your 401(k) retirement plan, despite Donald Trump’s promise to leave those untouched. And, uh, well, beyond that, it’s kind of a mystery. Here’s the Washington Post on what House Ways and Means Committee Chair Kevin Brady is saying—or what he isn’t saying:
For example, he said he hasn’t decided what income levels would merit certain tax rates.
He said he hasn’t decided how many tax deductions to eliminate to partially offset the lower rates.
He said he hasn’t decided whether to impose a top tax rate for the wealthiest Americans.
He said he hasn’t decided whether the tax cuts would be retroactive to income earned in 2017.
He wouldn’t say how the tax bill would impact the type of taxes paid by hedge fund managers, even though
has promised to eliminate their special preferences.
Hasn’t decided, or doesn’t want us to know until the last minute when it’s too late to pressure our representatives to vote no?
He also said he couldn’t guarantee that every American would see their taxes go down because of the changes, but he could “guarantee that every American will be better off because of a simpler tax code that lowers those rates and improves their paychecks.”
That’s likely code for the usual Republican hocus pocus about how if they lower taxes on corporations, your pay will go up rather than CEO pay going up. But this non-guarantee is definitely something to remember the next time the White House starts promising you $4,000.