Senate Republicans are drawing up their own tax legislation and the Washington Post says one feature is a one-year delay in the cut in the top corporate tax rate from 35 to 20 percent. Donald Trump has said he wants an immediate cut to declare victory.
This delay would lessen the deficit impact of other cuts, at least for a year.
Can’t wait to hear what Sen. Tom Cotton has to say. He’s always been a big believer in revenue neutrality. Programs for poor people? Disaster aid? Sorry. They increase the deficit. Tax cuts that increase the deficit? We’ll see.
More details are expected later today.