In a speech Wednesday in Indianapolis, President Donald Trump pitched the GOP's plan as "the largest tax cut in our country's history". Under Trump's plan, the partners who own the firms would enjoy a lower tax rate than the associates they employ.
At the opposite end of the spectrum, the current tax rate in top bracket is about 40 percent.
'As a result, corporations have parked many trillions of dollars in foreign countries, and many have incorporated overseas in order to avoid our punitive tax system altogether. In fact, the plan is packed with giveaways to the wealthy and threatens to add even more to the debt. It's not going to help. One thing politicians don't seem willing to do right now is pay for things or make any hard choices.
The tax plan seeks to slash the corporate rate from 35 per cent to 20 per cent and create three individual tax brackets with rates of 12 25 and 35 per cent, with a recommended surcharge on the very wealthy.
"You can't have responsible tax reform and everyone wins", said Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget.
"Looking at this plan I think nearly every wealthy family would get a big break", said Senate Minority Leader Chuck Schumer.
President Trump praised his party's work during a speech in IN this afternoon.
The president's plan also eliminates the estate tax on inherited assets, known as the "death tax", something that the White House had already announced, and it raises the standard deduction for individuals from $6,350 to $12,000 and for couples from $12,700 to $24,000.
"As the details of the plan have been trickling out, I've been disappointed that the House Republican leadership has taken the same secretive approach to taxes that they brought to health care", said Indian-American Congressman Raja Krishnamoorthi.
President Donald Trump presented his plan to reform America's tax system September 27, describing it as containing some of the biggest changes in decades. And now, with his leadership and our proven blueprint at hand, we are on track to put American taxpayers first, too.
The Democratic National Committee took issue with Pence's record on cutting taxes.
Prosperity Now and our Turn It Right-Side Up campaign advocates for a bipartisan, deficit-neutral tax plan that doesn't cut taxes for those who need it least: the wealthiest individuals and corporations. The plan was outlined by senior administration officials who asked for anonymity because they were not authorized to be quoted on the details of the framework ahead of the president's remarks.
The former reality TV star has consistently refused to release his tax returns - something every President has done for more than four decades - so it is impossible to tell exactly how much his proposals would save him.
- Theo Walcott double sets Arsenal on way to victory at Bate Borisov
- Turkey stopping air communication with Iraq's Kurdish autonomy
- An update in the Equifax hack and how Chicago is becoming involved
- Obamacare repeal bill 'dead' as key Republican opposes Trump
- People in West Michigan anxious about family in Puerto Rico
- This Is Us Creator Dan Fogelman Doles Out Clues About Jack's Death
- Chelsea fight back to shock Atletico 2-1
- IPhone X Face ID spills secrets as Apple talks security
- Trump weighs lifting shipping restrictions for Puerto Rico; industry opposed
- Progress Made but Not Enough to Open Trade Talks — EU on Brexit