The GOP tax bill is headed to a conference committee, wherein members will have to work out differences between the House and Senate versions of the plan.
One change being floated: cutting the corporate tax rate to 22% from the current 35%, instead of the 20% proposed in the original version of the bill.
Such a tweak would help free up money to solve problems that cropped up after the bill passed, but also could open the door to more intraparty bickering.
Republicans, moving closer to passing a massive overhaul of the US tax code, are heading toward a possible fight over corporate taxes as they work to finalize their legislation.
The House and Senate this week approved measures to send the Tax Cuts and Jobs Act (TCJA) to a conference committee, in which members from both chambers will try to hash out a compromise version of the two bills.
One of the most significant potential sticking points has begun to emerge: what the final corporate tax rate should be. According to reports, Republicans are open to cutting the rate to 22% from the current rate of 35%, instead of the 20% proposed in both versions of their legislation.
That would raise more revenue to …read more
Source:: Businessinsider – Politics