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Republicans in Congress propose corporate and individual income taxes cuts. The plan lowers the top marginal tax rate, paid on incomes over $450,000, from 39.6% to 35%. Middle and moderate-income people would see little change in tax rates, but are likely to have slightly lower taxes as a result of the larger exempt amount. The corporate tax rate would fall from 35% to 20%.
Many specifics are not final, but according to independent analyses the richest 1% would get almost 80% of the gains. The plan also raises the deficit $2.4 trillion over the next decade.
– Dean Baker, Co-Director, Center for Economic and Policy Research