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GOP Plan Cuts Corporate, Individual Taxes and Repeals the Estate Tax

GOP Plan Cuts Corporate, Individual Taxes and Repeals the Estate Tax

There is still plenty of work to do to advance the tax plan.

"Overall the trade ends up being a slight tax cut for low-income taxpayers because the standard deduction outweighs" the 2 percent hike, Kyle Pomerleau of the D.C. -based Tax Foundation said of the proposal.

Trump confirmed that his administration has hammered out a plan with congressional Republican leaders - though his administration has stopped short of confirming any details.

The Republican plan would greatly simplify the tax code by reducing the current seven tax brackets down to three: 12 percent, 25 percent, and 35 percent.

The plan still must be turned into legislation, which was not expected until after Congress makes progress on the fiscal 2018 budget, perhaps in October. Higgins said Trump reiterated his commitment to focusing on economic growth and middle-class tax cuts.

The group says the outline will allow workers to "keep more of their money", while simplifying the loophole-choked tax code and making USA companies more competitive with their foreign rivals. A quarter of the country thinks the Trump tax plan will help both groups equally, and the rest are undecided.

Amid a string of legislative setbacks, Trump teased a "big announcement tomorrow", when the White House and Republicans will unveil tax reform plans.

It is the Republican philosophy on healthcare all over again. "We're punishing companies under our codes for being in the United States", Trump said.

One critical Republican has already reacted positively to the plan. President Trump said there are trillions of dollars being kept overseas.

"The deduction for state and local taxes matters for all Americans, but it affects NY disproportionately", the letter said.

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Trump said the first $12,000 earned by an individual will be tax free, while the same will apply for a married couple for up to $24,000. As Axios points out, it allows Republicans, and the President, the ability to accurately claim that this benefits low income families, while still giving a cut to the top bracket.

Republicans hold a thin 52-48 Senate majority and may need some Democratic support to win passage.

"We will cut taxes tremendously for the middle class - not just a little bit, but tremendously", Trump told reporters ahead of the meeting.

Trump and Treasury Secretary Steven Mnuchin have said previously that they didn't want the tax plan to offer any tax cut to the highest earners - and that they'd balance a rate cut by eliminating deductions that the wealthy use to reduce their tax bills.

Predictably, negotiators for Congress and the Trump administration are struggling to find ways to pay for tax cuts that the Tax Policy Center estimates could cut federal revenue by up to $7.8 trillion over the next decade. And many supply-side Republicans are skeptical of the "economic value" of child tax credits.

"We'll cut out the hand-outs, the carve-outs, and the loopholes that benefit the wealthy and the well-connected, and we're going make the tax code flatter and fairer for every American", Pence pledged.

They've agreed on the framework for the tax overhaul, while committees will have some flexibility to fill in the details.

An end to taxation of US companies' worldwide income and a move to a territorial system. The White House maintained the wealthy would continue to pay the bulk of federal income taxes.

Eliminate deductions, at the tax-writing committees' discretion, but the framework calls for the research and low-income housing credits to be retained.

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