Tax-Law Revamp an Uphill Climb With Republican-Led Senate

“The divides they hoped to bridge remain, even without delving into the finer points of home-mortgage interest deductions and depreciation schedules.

Democrats want to use a new tax code to raise more revenue, and are reluctant to reduce the top individual rate they managed to increase to 39.6 percent. They’re also open to rewriting only the tax laws affecting businesses.

Republicans want a revenue-neutral bill that limits deductions and reduces marginal tax rates for individuals and companies. Some propose changing the rules for analyzing tax proposals to assume that rate cuts would generate economic growth and partly pay for themselves.”

By Richard Rubin, Bloomberg.com

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