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The bill had flaws according to Senator Trent Lott (R) of Louisiana who is also a member of the Finance Committee that drew up the bill before the Senate. He did not like the less than proposed rate of 36% for the top rate, down from 39.6%. He felt that the President should have got what he wanted here... the full 33%.
Admitting flaws hasn't stopped the bill, called the Grassley-Baucus bill, from reaching the floor for a vote. The numbers don't add up the way they should, but the figuring here was that debate would weed out what did or didn't work.
Those top 1% are well taken care of despite the Democrats attempt to lessen their take.
For instance, what is not discussed is the inflationary effect of those tax cuts. For those of us that dwell in the 99% group, and especially those of us at the bottom of that group, inflation is a major concern and will erode anything, if we indeed see anything substantial. The wealthy will have increased benefits over the long term because their income is more likely to rise and be subject to less tax than before.
In the house version, every dollar over $156,300 is taxed at the lower rate of 33%. the Senate would have that lower tax rate start at $348,350.
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