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Heller’s Tax Bill Keeps Getting Better for Billionaires

Washington Post: Congressional Republicans in advanced talks to reduce the tax rate for top earners to 37 percent as part of final tax bill

Congressional Republicans are in advanced talks to lower the top tax rate for individuals from 39.6 percent to 37 percent as they finalize a massive $1.5 trillion tax package, said three people familiar with the negotiations.

The move follows complaints from wealthy taxpayers in New York and elsewhere that their taxes could go up under the legislation because of other changes it makes to the code.

The change, if finalized, would amount to a major tax cut for the wealthiest Americans. And it would be certain to spark a furious response from Democrats who are unanimously opposed to the legislation which they already have been casting as a giveaway to corporations and the rich.

AP: Tax package would lower top tax rate for wealthy Americans

As the final parameters of the bill took shape, negotiators agreed to cut the top tax rate for individuals from 39.6 percent to 37 percent in a windfall for the richest Americans. The reduction is certain to provide ammunition for Democrats who complain that the tax package is a massive giveaway to corporations and the rich.

Under current law, the top tax rate applies to income above $470,000 for married couples, though lawmakers are completely reworking the tax brackets.

Sen. Susan Collins, R-Maine, who has previously expressed opposition to reducing the rate for the wealthiest earners, acknowledged Tuesday that the negotiators appear to have agreed on the move. “I don’t think lowering the top rate is a good idea,” Collins said.