– Financial Times
As US businesses ploughed through the 429 pages of the Republican tax reform plan published on Thursday, there was a common reaction: support for cutting the corporate tax rate mixed with concern about provisions that could hit allowances and credits.
President Trump and congressional Republicans are desperate to pass tax reform. How do they do it? Republicans need Americans to really like this tax plan – or at least for everyone not to hate it. In other words, they have to turn the tax debate into something more like what happened when the Senate debated and ultimately approved the nomination of Neil Gorsuch to the Supreme Court in the spring. They can’t afford the tax debate becoming a debacle like the GOP efforts to repeal Obamacare this summer and fall.
– The Washington Post
As the debate begins on tax reform and what our future tax system might look like, the Washington Post takes a look at how federal taxes currently work in this country, using eight charts to explain the basics of the U.S. tax system – who pays what, and how that’s changed over time.
– The Atlantic
The average middle-class household has largely recovered from the Great Recession, which began nearly 10 years ago, in December 2007. The growing economy has started to boost earnings across the income spectrum, and higher housing prices have done the same for net worth. Yet, millions of people remain in perilous financial shape, with little to buffer them in the event of a layoff.