Trump and GOP Roll Out Tax Plan

Reuters

Reuters

The proposals also calls for doubling the standard deduction to $24,000 for married couples and $12,000 for single filers. It mentions the potential for one additional top rate "to ensure that the wealthy do not contribute a lower share of taxes paid than they do today".

"Our tax code should recognize that the most important investment we can make is in our children", said President Trump.

The president has vowed since his 2016 White House campaign to overhaul the USA tax code.

After more than eight months of negotiating, the White House and GOP leaders have agreed on several targets for the tax cuts.

Passing a version of the overhaul will be crucial for GOP senators after the failure to deliver on the longtime campaign promise to repeal Obamacare - a goal that was put on ice this week when a last-ditch proposal couldn't gain enough Republican support. Republicans have produced no major legislative successes since Trump took office in January even though they control the White House and both chambers of congress.

Donald Trump's plan would cut corporate income tax rates to 20 percent.

Vice President Pence is expected to hold events in MI and Wisconsin on Thursday to promote the tax plan with business leaders, with other Cabinet members and top administration officials fanning out the same day to talk about the benefits of overhauling the tax system.

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Henrietta Treyz of Veda Partners said in a note that conversations with Republicans indicate the goal is for House GOP leaders to release a tax plan prior to President Donald Trump speaking in IN on Wednesday. He predicted jobs "will be coming back in because we have a non-competitive tax structure right now and we're going to go super competitive".

As first reported by Breitbart News, the plan would impose a one-time tax on foreign earnings now held overseas by USA multinational corporations. This is another tax break for the wealthy, not the middle class. This could include charging them a higher tax rate, but no final decisions have been made. "We must make our tax code simple and fair".

The tax plan was created by the so-called "Big Six:" Treasury Secretary Steve Mnuchin, National Economic Council director Gary Cohn, House Speaker Paul Ryan (R-Wisc.), Ways and Means Committee Chair Kevin Brady (R-Texas), Senate Majority Leader Mitch McConnell and Finance Committee Chair Orrin Hatch (R-Utah). Most itemized deductions, including those widely used for state and local tax expenses, would also be eliminated. Mr Trump had initially proposed a 15-percent rate. The plan is reported to cost an upwards of $5 trillion dollars and has been described by his officials as "completely designed with the middle class in mind".

Tax rates would be reduced to three-12 percent, 25 percent, and 35 percent-from the current seven.

The White House and a spokeswoman for the House Ways and Means Committee did not respond to a request for comment on the Axios report, or a request to confirm the proposed standard deduction rates.

Repeal of the alternative minimum tax.

Neal said Trump showed a readiness to avoid cutting taxes for the wealthy during their meeting. The administration is leaving the income limits to accompany those brackets up to the House and Senate tax-writing committees.

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