The GOP's head fake on taxes

Don't fall for it. Keep your eye on the ball.

Senate Majority Leader Mitch McConnell and President Trump.
(Image credit: AP Photo/J. Scott Applewhite)

President Trump — a New York plutocrat if there ever was one — fancies himself a populist defender of the common working American. This self-created image, of course, is in direct contrast with the tax reform plan Trump is cooking up with congressional Republicans. This incongruity seems to be making the party nervous — and they're trying to disguise their real intentions.

A key part of the plan is a cut in the top individual income tax rate, from 39.6 percent to 35 percent. Slashing the income tax rate for the wealthiest Americans is broadly unpopular. So, as Axios reported on Sunday, Republicans are considering leaving the 39.6 percent rate in place for incomes of $1 million or more. Sounds good, right? Soak the rich!

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.