Tax Reform Plan for 2017

I get the feeling the Democrats and Republicans in Congress are close to agreeing to a tax reform plan.

Democrats and Republicans both are concerned about the deficit (and have therefore created the awkward sequester to reduce it). To that end the Democrats are willing to pay for infrastructure spending by taxing repatriation of offshore profits at a rate less than standard.

Republicans like the Ryan tax plan (which has much to recommend it), but the Republicans need to scale back its cost to something more like $300-450 billion over ten years. Right not it is estimated at costing much more.

I'd suggest that the line two of the post card should be more like 70% (instead of "1/2") and the top rate for high incomes shouldn't be so generous. But, however they may find to decrease its cost that would appear to be the last thing to achieve before it's a done deal.

If it can be achieved there could be a deal on paper and signed by the new president in January. It would be a nice New Year gift for many people.