Winners and Losers in the GOP's Plan to Slash Rates and Streamline Code as Part of Massive Tax Revamp

WASHINGTON — The tax revamp being unveiled Wednesday by President Donald Trump and other top Republicans would reshape Americans' relationship with the government in a major way.Most taxpayers — individuals and businesses alike — would see a drop in tax rates. The Treasury would lose hundreds of billions of dollars in revenue. A maze of paperwork from the Internal Revenue Service would, in many cases, be replaced with a postcard filing system.And, of course, there would be winners and losers.The exact scorecard remains up in the air as GOP leaders have punted on some of the toughest decisions that come with such an overhaul. Factors that Congress will have to sort out include which breaks to cut to recoup lost revenue and where to set a new slate of individual brackets.But the White House released enough details ahead of Trump's speech to start marking up the ledger.  Continue reading...