House Republicans left tax increases on private equity firms and millionaires out of their sweeping tax legislation, two provisions endorsed by President Donald Trump that would have affected the wealthiest taxpayers.
Republicans released the legislative text on Monday that features extending and making permanent various expiring provisions from the 2017 Tax Cuts and Jobs Act, as well as other priorities from Trump. But just as notable is what was left out of the reconciliation proposal.
For one, the legislation doesn’t include a new millionaire tax bracket. Trump had reportedly been considering the idea of letting the top individual rate revert back from 37% to 39.6% for taxpayers earning over $2.5 million.
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Democrats have been messaging that the planned GOP reconciliation bill, a legislative vehicle that allows bills
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