Democrats Plans For Taxes

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Here’s What May Happen to Your Taxes If Democrats Win the House
By Laura Davison
August 23, 2018, 4:00 AM EDT

* Corporate rate hike, carried interest repeal likely on agenda
* Intra-party squabbles could emerge over SALT, pass-through cut

Republicans thought the historic overhaul that slashed taxes would be one of their main campaign selling points ahead of November elections. Instead, Democrats are talking more about the law -- and how they want to undo it.

In their bid to retake control of Congress, many Democratic candidates are pointing to the $1.5 trillion tax cut -- and what they say are its exclusive benefits for corporations and wealthy individuals -- as a roadblock to expanding benefits like Social Security and Medicare. Chipping away at some of the law’s costly provisions will help to fund those programs, they say.
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While Democrats are campaigning against the tax cut, Republicans have been quietly shelving it and focusing more on cultural and social issues such as immigration. Polls consistently show less than half of Americans approve of the tax cut.

... some specific targets are emerging from discussions taking place within Democratic circles, including raising the corporate rate above 21 percent and changing the treatment of capital gains and carried interest. Other proposals, like repealing the new cap for state and local tax deductions and modifying the tax break for business owners . . .

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