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What’s holding up the tax code overhaul?




U.S. Senate Majority Leader Sen. Mitch McConnell (R-KY) speaks as Speaker of the House Rep. Paul Ryan (R-WI), Sen. Orrin Hatch (R-UT) and other congressional Republicans listen during a press event on tax reform September 27, 2017 at the Capitol in Washington, DC.
U.S. Senate Majority Leader Sen. Mitch McConnell (R-KY) speaks as Speaker of the House Rep. Paul Ryan (R-WI), Sen. Orrin Hatch (R-UT) and other congressional Republicans listen during a press event on tax reform September 27, 2017 at the Capitol in Washington, DC.
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Originally set to be released Wednesday by House Republicans, the tax bill draft is now delayed until Thursday.

Some of the sticking points seem to be the corporate rate cut, whether there will be limits on 401(k) contributions and the parameters of the top income threshold.

Other parts of the plan seem to be more clear. The condensing of the current seven tax brackets into four, a minimum tax on some of the profits made by U.S. companies abroad and, as we learned Tuesday, a repeal of the estate tax, albeit with some delay.

So what’s in the current draft? What are the points of contention and why? And how likely are we to see a draft by tomorrow morning?

Guest:

Richard Rubin, U.S. tax policy reporter for The Wall Street Journal in Washington D.C., focusing on the intersection of taxes, politics and economics; he tweets @RichardRubinDC