09/27/2017

Trump, GOP Tax Plan Would Cut Rates for Many Americans

The plan is sweeping in scope but omits critical details, insiders say

President Donald Trump and congressional Republicans are proposing a far-reaching, $5 trillion plan on Sept. 27, 2017 that would cut taxes for corporations and potentially for individuals, simplify the tax system and nearly double the standard deduction used by most Americans.

The plan is sweeping in scope but omits critical, controversial details that are likely to take months to work out in a bitterly divided, GOP-led Congress. The political stakes are high for Republicans and for Trump, whose agenda has largely stalled as the GOP abandoned efforts to repeal the Obama-era health law. Republicans see tax overhaul as a once-in-a-generation opportunity that could produce a large political payoff, though some polls show the public is skeptical that average Americans will benefit much.

"Too many in our country are shut out of the dynamism of the U.S. economy, which has led to the justifiable feeling that the system is rigged against hardworking Americans," says the blueprint, obtained by The Associated Press. "With significant and meaningful tax reform and relief, we will create a fairer system that levels the playing field and extends economic opportunities to American workers, small businesses and middle-income families."

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