President Trump to unveil his tax plan today

Trump has a much better shot with tax reform than health care, ex-legislators from both parties say

"Thirty percent of taxpayers itemize, the other 70 percent claim a standard deduction, and that standard deduction is going to almost double in size to 12,000 for individuals and 24,000 for married taxpayers". Most business owners file taxes on their individual tax forms and pay the individual rates, which are as high as 39.6 percent. Trump is expected to speak about the plan on Wednesday afternoon. The White House official said IN was chosen to be where President Trump reveals new details because of the economic progress the state made under Pence's leadership when he cut income taxes and "red tape" to create a "competitive edge" that compelled dozens of companies to come to IN instead of surrounding states with higher tax rates.

It was forged during months of high-level talks among Mr Trump's aides and top Republicans in Congress, but offered scant details about how to pay for the cuts without dramatically driving up federal deficits. And not a moment too soon: both Trump and House Republican leaders plan to unveil what they call a "framework for tax reform" on Wednesday.

"I get that we want to move to 3 percent but I'd like to know how", Kennedy said referring to Trump's ambitious goal of annual growth in the economy through tax cuts.

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.

"Tax reform is the most important thing we can do to restore confidence to this country, to get jobs and prosperity", House Speaker Paul Ryan said at a news conference Tuesday morning.

As first reported by Breitbart News, the plan would impose a one-time tax on foreign earnings now held overseas by USA multinational corporations. The AMT is essentially a tax floor for wealthy people who's access to numerous obscure deductions would otherwise allow them to pay a lower tax rate than the average American.

This is good news for Republicans, as the state and local tax deduction (SALT) is most valuable in blue states like NY and New Jersey, but bad news for tax payers in those states. Congressional officials have said they hope to cut the current rate of 35% to 20%.

The goal is a more simple tax code that would spur economic growth and make USA companies more competitive.

US President Donald J Trump (centre) met Tuesday in Washington with top congressional figures, House Ways and Means Committee Chairman Kevin Brady (right) and Ways and Means Committee Ranking Member Richard Neal. The GOP also is at odds over eliminating the federal deduction for state and local taxes. It would also increase the child tax credit from $1,000 to an unspecified amount and create a new $500 tax credit for dependents, such as the elderly, who are not children.

The framework calls for reducing the corporate tax rate and collapsing the seven current tax brackets into three, among other changes.

The plan would also, for the first time, create a 25-percent tax for "pass-through" businesses, which account for the vast majority of business income in the United States and are now taxed at individual rates.

So far, we're hearing that the three-tiered rates are locked in.

Rep. Richard Neal of MA, the top Democrat on the Ways and Means Committee, came away from the White House meeting in a negotiating mood.

The proposal will eliminate most itemized deductions and repeal the individual alternative minimum tax because it adds to the complexity of the code.

"The president's newly unveiled tax plan shows the GOP is out of touch with working Americans", Senate Minority Leader Charles Schumer said.

Trump has previously said he doesn't want the tax overhaul to be a break for the rich.

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