Republican leaders Wednesday reached a compromise deal for a sweeping tax overhaul. Under the plan, the corporate tax rate would get lowered to 21 percent and the top tax rate for individuals reduced to 37 percent. David Wessel, director of the Hutchins Center at the Brookings Institution, joins us to discuss the latest version and take your questions.

Compromise Tax Deal Reached: Tax Cuts for Wealthy Expand 14 December,2017Michael Krasny

  • EIDALM

    Again this is not a tax plan, it is rather a heist, daytime robbery, and betrayal of the American people by the Republicans in favor of their paymasters of the billionaires goons of the Wall Street, multinational corporation, and foreign interests, this despicable, dishonest action by the Republicans if it ever passed will bring far more inequality in wealth, as well extreme poverty to tens of millions, and early death of untold millions from hunger and lack of healthcare.

  • Noelle

    We’re going to become more like countries where there is no middle class left.

  • geraldfnord

    All Hail the Wonderful Job Creators from whom all great things flow!

    The Greatness that is Rand-Ryan-Trump Thought shows us the way forward double-plus-bigly! Nothing great happens without the Job Creators, and surely they are beneficent—it’s not as if they needed the Evil Gummint for anything, as intellectual property, limited liability, and holding-on and passing-on great wealth all are easy in the State of Nature. Really, when we’re not working for them, we really ought to be continually on our knees worshipping them and their Greatness!

    And if anyone disagrees, let’s rough them up, like in the Good Old Days, because jobs.

    • Noelle

      Brilliant!

    • Curious

      Well, Hispanic unemployment is at the lowest point in this country ever. GDP is up, unemployment down. Still, who cares about facts?

      • Noelle

        Then why do we need a tax cut when the administration wants to hike military spending bigly?

    • chriswinter

      Kudos for the 1984 reference.

  • Noelle

    Does this still mean that those of us in high tax states will have to pay more?

    • chriswinter

      If state and local taxes can’t be deducted, probably so. I’d just like to see a clear description of the bill’s features.

      • Noelle

        Yeah, there is so much secrecy, the Repubs want to push this important change through and there is bound to be a lot of mistakes made, and unintended consequences. Oh well.

        • Curious

          Like Obamacare.

  • Gary Hoy

    The corporate tax rate was cut but what happened to the promise of eliminating the corporate deductions?

    • turquoisewaters

      Whoops.

  • William – SF

    Does not the complexity of tax policy make it susceptible to being bent by those that understand and benefit from it, and has resulted in this farce?

  • marte48

    If they lower the corporate tax rates, what is to stop other countries from lowering their rates even more?

  • chriswinter

    BTW: There is now an ETF (exchange-traded fund) that tracks the value of U.S. tax reform. Created in October, it has dropped slightly in price.

  • Wolf

    Does this still mean that those of us in high tax states will have to pay more?

  • Andy Keates

    Its rolled into sound bites which never tell the true story. At the end of the day the Senate has to pass something to say “we did it” no matter what we all think of it, and the and majority of the people apparently hate this tax bill. No doubt we’ll be hearing more about how wonderful it is.
    One of the details I just read …
    I pity new divorces where the alimony payer will now pay tax on the alimony his/her ex-spouse will get tax-free. That’s clearly a tax grab as the payer is the higher earner and pays a higher tax rate. It would have been an immense tax hike for me, an alimony payer, but only applies to divorces after 2017 … or so one of the versions goes.

Host

Michael Krasny

Michael Krasny, PhD, has been in broadcast journalism since 1983. He was with ABC in both radio and television and migrated to public broadcasting in 1993. He has been Professor of English at San Francisco State University and also taught at Stanford, the University of San Francisco and the University of California, as well as in the Fulbright International Institutes. A veteran interviewer for the nationally broadcast City Arts and Lectures, he is the author of a number of books, including “Off Mike: A Memoir of Talk Radio and Literary Life” (Stanford University Press) “Spiritual Envy” (New World); “Sound Ideas” (with M.E. Sokolik/ McGraw-Hill); “Let There Be Laughter” (Harper-Collins) as well as the twenty-four lecture series in DVD, audio and book, “Short Story Masterpieces” (The Teaching Company). He has interviewed many of the world’s leading political, cultural, literary, science and technology figures, as well as major figures from the world of entertainment. He is the recipient of many awards and honors including the S.Y. Agnon Medal for Intellectual Achievement; The Eugene Block Award for Human Rights Journalism; the James Madison Freedom of Information Award; the Excellence in Journalism Award from the National Lesbian and Gay Journalists Association; Career Achievement Award from the Society of Professional Journalists and an award from the Radio and Television News Directors Association. He holds a B.A. (cum laude) and M.A. from Ohio University and a PhD from the University of Wisconsin.

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