Sen. Susan Collins insists on keeping taxes for the wealthy as the GOP tax bills take shape
Sen. Susan Collins (R-Maine) said Monday she hopes "very much to be able to support a tax reform package," but laid out some specific things she wants to see in the legislation. "I do not believe that the top rate should be lowered for individuals who are making more than $1 million a year," Collins told Bloomberg News. "I don't think there's any need to eliminate the estate tax." House Republicans are unveiling their tax bill on Wednesday, and the Senate bill, expected a week later, will be more tailored to win over moderates like Collins and maybe a few Democrats.
The Senate bill is expected to tinker with the trigger points for the estate tax, raising it from $5.49 million for an individual and $10.98 million for couples, but not fully repeal it, Axios reports, citing congressional aides and an administration official. The Senate bill is also expected to differ from the House version in that it might fully scrap state and local tax deductions and will not tinker with 401(k) contributions. Both bills could include four tax brackets, leaving the 39.6 percent rate for the wealthy intact and phase in the sharp reduction in corporate taxes. Passing a tax cut bill is the top GOP legislative priority, and with 52 Republican senators, there isn't much margin for error.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
'Making a police state out of the liberal university'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
8 looming climate tipping points that imperil our planet
The Explainer New reports detail the thresholds we may be close to crossing
By Devika Rao, The Week US Published
-
Try 6 free issues of The Week Junior
Spark your child's curiosity with The Week Junior - the award-winning current affairs magazine for 8-14s.
By The Week Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published