Trump tax plan expected to double standard deduction, lower corporate rate

In a document obtained by The Associated Press on Wednesday, they outline a blueprint for nearly doubling the standard deduction for married taxpayers filing jointly to $24,000, and $12,000 for individuals.

Reports have said the plan calls for lowering the top bracket for individuals to 35% from what is now 39.6%. Trump is scheduled to speak at 3:20 p.m. Wednesday at an appearance in Indianapolis. Senate GOP leaders are trying to quash that effort, anxious it could doom the tax cut initiative and leave the party with nothing to show for its majority rule heading into the 2018 midterm elections. As of yesterday morning Trump hadn't signed off on the final product, and as with all policy announcements involving Trump, Republican Hill leaders will be holding their breaths to some extent until the president actually utters the words.

The GOP plan, called the "Unified Framework For Fixing Our Broken Tax Code", has a long way to go and many details to be hammered out - notably a complete list of deductions that will be zapped, and how to make up trillions in less tax revenue without accelerating the growth rate of the federal debt.

I'm not going to write too much about this right now, since we still don't have all the specifics, but President Trump today unveiled at least part of the GOP tax reform plan.

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.

Taxing passthrough income at a maximum rate of 25%.

The individual tax rates would be 12 percent, 25 percent and 35 percent - and the plan recommends a surcharge for the very wealthy. The plan would keep tax incentives for mortgage interest and charitable contributions in place and would eliminate the death tax. We can unleash the economy, promoting growth, attracting jobs and improving American competitiveness in the global market, " said Senate Majority Leader Mitch McConnell, a Kentucky Republican.

More news: What does the new iOS 11 system update do

Republicans and Democrats who met with Trump on Tuesday said afterward that the president indicated an interest in working with Democrats on both tax reform and healthcare going forward.

"It's important to note that by increasing the standard deduction (as was on the one-pager we released in April) we're effectively increasing the size of the 0% tax bracket, so that the hardworking American at the bottom of the economic ladder is empowered to climb their way up", the representative said. The current rate is high by global standards and corporations have been seeking a tax cut for years, even though many of them pay much less than the headline rate due to loopholes and tax breaks.

House Ways and Means Committee Chairman Kevin Brady (R-Texas) on Monday said the House and Senate will pass budget proposals ahead of the tax legislation to ensure Republicans can take advantage of the fast-track reconciliation process to pass a tax overhaul by the end of the year.

Unfortunately for Trump's strongest supporters, it isn't likely that the tax proposals we're going to see from Congress will resemble the tax slashing promised on the campaign trail.

Repeal the Alternative Minimum Tax: The AMT most typically hits filers making between $200,000 and $1 million.

Trump's push on tax reform comes on the heels of his latest in a string of stinging defeats on health care reform, with Senate Republicans repeatedly failing to string together 50 votes to replace Obamacare.

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

(Copyright © 2015. All Rights Reserved.)

'We Are Not A Bargaining Chip!': Dreamers Confront Nancy Pelosi
Jared Huffman and Mike Thompson. "In some ways I feel we are negotiating against ourselves", the governor said. However, the 38-year-old congressman said he has no plans to personally challenge her for the role.

WAFU CUP 2017 : Ghana thrash Nigeria 4-1 in final
Maxwell must even say that enough is enough, I have done my best for the team and someone else should also try", said coach Kobina Amissah.

Everyone Can Sympathize as Their Childhood Store Toys'R'Us Goes Bankrupt
Toys R Us makes about 40 percent of its annual sales - which previous year were $11.5 billion - during the holiday season. The company has 1,600 Toys "R" Us and Babies "R" Us stores around the world and employs some 64,000 workers.

Pak developed short-range nuke weapons to counter India's "Cold Start" doctrine: Abbasi
Trump had said that Pakistan had much to "gain from partnering with our effort in Afghanistan", much to the dislike of Pakistan. To a question he said "Pakistan does not foresee any political or military role of India in Afghanistan".

Yankees Aaron Judge ties Mark McGwire with 49th HR as rookie
The Royals (76-79) are six games behind the Minnesota Twins in the race for the second American League wild-card spot. Sanchez followed Judge in the seventh with back-to-back homers for the third time this year, raising his total to 33.

Rohingyas are illegal immigrants not refugees: Rajnath Singh
She said there had been no acts of violence or village clearances since 5 September, a claim which has been widely disputed. Media captionWatch: Who are the Rohingya? He said their Vice-Minister would visit Myanmar soon.

Trump faces awkward silence at United Nations as his socialism joke bombs
He warned that the Venezuelan people don't have enough food and are "starving". Sanctions were not discussed at the dinner, the Brazilian leader said.

Penn State with literal walk-off win over Iowa
But on fourth down, McSorley stood strong in the pocket and drilled the ball through a crowded end zone and into Johnson's chest. Penn State 8, Iowa 7: Saquon Barkley had a 25-yard carry then a 16-yarder to set up first-and-goal at the 2.

Mauricio Pochettino reacts to Serge Aurier's ridiculous red card against West Ham
When Christian Eriksen added a third - after Kane had thumped a free-kick against a post - Tottenham were cruising. The result brings an end to West Ham's mini-revival and leaves them on four points after six games.

Target is boosting its minimum wage
Target spokeswoman Jenna Reck said the wage increase demonstrates a "much bolder and more vocal investment in our team". The increase also applies to the over 100,000 seasonal employees Target is hiring for this year's holiday season.

Trump Wants A Grand Military Parade For The Fourth Of July
Still, the French leader called the United States a "historic partner" of France - "now and in the future". Trump said he has discussed the parade idea with his chief of staff, John Kelly, a retired Marine general.

Iran will strengthen its missile capabilities without asking for permission - President Rouhani
Thus far, the United Nations nuclear watchdog and the US State Department have reported that Tehran has complied with the terms of the nuclear deal.

Wenger Reveals When Arsenal Nearly Signed Gareth Barry
Barry made 365 appearances for Villa before playing 132 matches in the top flight for Manchester City . More so for my kids, I'd be proud for them to see their dad up there.

Google Gmail update makes phone numbers, email ids and addresses as hyperlinks
The only way to use them is to copy and select the whole line and then paste it again in the respective app. Gmail will now convert phone numbers, contact information, and addresses into clickable links.

Mexico in three-day countdown to search for earthquake survivors
The building is one of a dwindling number of collapse sites where crews still have hopes of finding people alive. Civil Defense chief Luis Felipe Puente reported Sunday on Twitter that 181 people died in Mexico City .

More News

More News