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Ahead of Senate tax bill rollout, House signals openness to delaying cut in corporate tax rates

House Majority Leader Kevin McCarthy (R-Bakersfield), left, joined by House Speaker Paul D. Ryan (R-Wis.), speaks about the Republican tax plan at a news conference on Capitol Hill on Tuesday. (J. Scott Applewhite / Associated Press) None
House Majority Leader Kevin McCarthy (R-Bakersfield), left, joined by House Speaker Paul D. Ryan (R-Wis.), speaks about the Republican tax plan at a news conference on Capitol Hill on Tuesday. (J. Scott Applewhite / Associated Press)

House Speaker Paul D. Ryan opened the door Wednesday to delaying the implementation of a new 20% corporate tax rate — the cornerstone of President Trump’s plan — amid worries that the GOP proposal will exceed its target of adding no more than $1.5 trillion to the deficit.

Postponing the tax cut for a year or two would diverge from Trump’s insistence that corporate rate reductions be made immediately. But Senate Republicans floated the idea this week as they frantically search for ways to pay for the corporate tax cuts and still provide relief to middle-income households.

Senators plan to introduce their bill Thursday. Sen. David Perdue (R-Ga.) said one revenue-raiser that will probably be included is a full repeal of all state and local tax deductions, including property taxes, a big blow to many residents in California and other high-tax states.

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