5 ways to assess whether the GOP tax plan is delivering

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More than 400 American millionaires and billionaires are sending a letter to Congress this week urging Republican lawmakers not to cut their taxes. The wealthy Americans, which include doctors, lawyers, entrepreneurs and CEOs, say the GOP is making a mistake by reducing taxes on the richest families at a time when the the nation’s debt is high and inequality is back at the worst level since the 1920s.

Ahead of today's unveiling of the GOP tax plan by the House of Representatives at 11:15 ET, a key issue is whether corporate tax cuts to 20% will be temporary, either phased in or out, or permanent. And according to a Bloomberg report this morning, Republican leaders have decided to cut the corporate tax rate to 20 percent and leave it there permanently, abandoning an earlier plan to phase out the rate cut over time.

Republican presidential nominee front-runner Donald Trump, amid massively variant poll numbers (Fox >40%, WSJ ~21%?), plans to unveil his tax plan today, that, as WSJ reports, would eliminate income taxes for millions of households, lower the tax rate on all businesses to 15% and change tax treatment of companies’ overseas earnings.

The US$1.4 trillion item on President Donald Trump’s wish list — a package of tax cuts for businesses and individuals that he has said he wants to sign before year’s end — is headed into the legislative equivalent of a Black Friday scrum next week.

By Alan Fram And Erica Werner WASHINGTON — The latest GOP effort to repeal and replace “Obamacare” was fatally wounded in the Senate Monday night when two more Republican senators announced their opposition to the legislation strongly backed by President Donald Trump. The announcements from Sens. Mike Lee of Utah and Jerry Moran of Kansas left the Republican Party’s long-promised efforts to get rid of President Barack Obama’s health care legislation reeling. Next steps, if any, were not immediately clear.