The pledge states not only that signers will oppose hikes in marginal income tax rates, but also that they will "oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
However such a deal was structured, it would almost certainly violate Norquist's pledge, which commits its signatories to "oppose any and all efforts to increase the marginal income tax rates," and also to "oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
"I pledge to taxpayers... and to the American people," it reads, "that I will: one, oppose any and all efforts to increase the marginal income tax rate for individuals and business; and two, oppose any net reduction or elimination of deductions and credits unless matched dollar for dollar by further reducing tax rates".
The pledge, written in 1986, is a simple document: it binds the signer to "oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses," and "to oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
The Taxpayer Protection Pledge, which has been signed by almost all of the Republicans in Congress, commits the politician to "oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses" and to "oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
On November 2nd, the Republicans finally released their "Tax Cuts and Job Act," which contained new blows to middle-class wellbeing, including the elimination of deductions for medical expenses, student loan interest, and state and local taxes.
This could involve higher tax rates or an elimination of popular deductions.
To offset the loss of that money, the Legislature plans a small increase in income taxes and the elimination of some deductions.
The panel recommended a single corporate tax rate as low as 23 percent, counterbalanced by the elimination of many deductions, especially those that benefit individual industries.
If any of the proposed changes are enacted (elimination of various deductions, treating employer health insurance as income, among others), they will represent a significant, albeit indirect, tax increase.
The results, which include a 20-cent-a-share charge on new health reform law's elimination of tax deductions that have been available to companies for retiree prescription drug expenses, beat Wall Street's average estimate of 64 cents a share, according to Thomson Reuters.
