Republicans Outline Biggest Tax Code Overhaul In A Generation

Republicans Outline Biggest Tax Code Overhaul In A Generation

Republicans Outline Biggest Tax Code Overhaul In A Generation

Henrietta Treyz of Veda Partners said she expects Ryan to brief House Republicans about the plan on Wednesday, and lay out details including an 18%-20% corporate tax rate.

In another pro-family move, the proposal also calls for a new $500 credit for non-child dependents, such as grandparents and disabled adults. Some elements of the plan included doubling the standard deduction used by individuals and married couples and increasing the child tax credit. In exchange for the lower rate, the White House wants to eliminate the corporate Alternative Minimum Tax.

This framework will also reportedly include a major cut to the corporate tax rate, bringing it to 20 percent from 35 percent, as well as a reduction in the top individual rate, to 35 percent from its current 39.6 percent.

Although the lowest rate rises from a current 10 percent to 12 percent, it is unlikely that this would amount to an increase in the tax bills of any taxpayer.

"There's a lot of appetite on the Republican side" for repealing the estate tax, Rep. Tom Reed, R-N.Y., a member of the Ways and Means Committee, said before the meeting at the White House.

And now that Senate Republicans appear to have failed this week to fulfill another Trump campaign promise - dismantling ObamaCare - the president seems full steam ahead on tax reform. While Republicans see the tax breaks as essential to creating jobs and meeting the White House's lofty goals of three-percent GDP growth by 2020, Democrats will likely oppose numerous tax benefits that will be going to corporations and extremely wealthy individuals. "The devastation in Puerto Rico has set us back almost 20 to 30 years", said Puerto Rico Resident Commissioner Jenniffer Gonzalez.

Preserve some deductions: Again without specifics, the framework calls for lawmakers to retain tax incentives for home ownership, retirement savings, charitable giving and higher education.

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The House Freedom Caucus endorsement is noteworthy because it could ease House passage of a budget plan that's the first step to advancing the tax cut measure through Congress.

Trump also denies the plan unveiled by the White House and congressional Republicans Wednesday would benefit the wealthy.

The plan would reduce the number of tax brackets from seven to three - 12 percent, 25 percent and 35 percent. Fewer income tax rates for individuals. However, after six months of working on the plan, analysts say, "The outline still lacks vital details about how middle class families would fare".

Months in the making, the plan meets a political imperative for Republicans to deliver an overhaul of the USA tax code after the failure of the health care repeal. Higgins said Trump reiterated his commitment to focusing on economic growth and middle-class tax cuts.

Passing a tax overhaul has become the top legislative priority for President Trump and congressional Republicans this fall as their efforts to repeal and replace the Affordable Care Act have fallen flat ahead of a critical September 30 deadline.

With the latest Republican push to overturn Obamacare sputtering in the Senate, Republicans are under mounting pressure to overhaul the United States tax code before year-end.

US President Donald Trump on Tuesday said a forthcoming tax reform plan would cut taxes "tremendously" for the middle class, as Republican conservatives said they could accept big revenue losses in exchange for aggressive tax cuts for businesses.

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