Given limited fiscal space, Republicans will have to pick which tax cuts to extend.
that the GOP further lower the corporate tax rate to 15 percent. This intraparty split on tax policy is not the first of its kind—it echoes conflicts that took place during the Reagan era.
. The reform reduced the corporate tax rate from 52 percent to 48 percent, and reduced all individual tax brackets by approximately 23 percent, including the top tax bracket from 70 percent to 50 percent.. In the high inflation environment of the 1970s, taxpayers were pushed into higher tax brackets, even as their real incomes remained flat or declined—a phenomenon called “bracket creep.” By requiring these tax brackets to adjust every year, ERTA has prevented this form of stealth tax increase.
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