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Trump, GOP weigh surtax on wealthy, doubled deduction

28 September 2017

The lower two tax brackets will be 10 percent and 25 percent, according to this source.

"I think the president is asking for help and he laid out the vision, so we'll see", Republican Rep. Jim Renacci of OH told The Daily Caller News Foundation.

"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.

NY congressional Republicans had pleaded with Trump to retain the tax break over concerns it would hit New Yorkers hard and amount to an unfair double tax. He said the USA has the highest business tax rate in the world and that causes business leaders to outsource jobs from overseas.

For Republicans who have been scarred by the experience of seeing tax cuts lead to fiscal shortfalls in states, such as Kansas, South Carolina and Tennessee, Indiana represents a case study of where tax cuts worked.

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He said "I hope" the top corporate tax rate will be cut to 15 percent from the current 35 percent. "I'm not going to negotiate". The proposal calls for reducing the corporate tax rate to 20 percent from 35 percent, a shift that is meant to make American companies more competitive with their counterparts around the world. But they're divided over whether to add to the government's ballooning debt with tax cuts.

Trump told dinner guests from conservative groups on Monday night that he expects the House will approve a tax bill next month and the Senate by December. "We want tax reform that is pro-growth, pro-jobs, pro-worker, pro-family and, yes, tax reform that is pro-American", he said.

Among details that have become public, the plan's benefits would accrue largely to the wealthy, an awkward position for a president who promised his administration would be an economic boom for working-class and middle-class households.

The tax plan will also offer a larger child tax credit-up to $1,000 per child under 17-increasing income limits so more families will be eligible for the child tax credit, and the marriage tax penalty will be eliminated. This creates a possible loophole for rich investors, lawyers, doctors and others, but administration officials say they will design measures to prevent any abuses.

Many contours of the talks are similar to what Trump proposed in April.

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"This framework is focused on supporting American jobs, on making taxes fairer and on growing families' paychecks", Senate Majority Leader Mitch McConnell said in a statement on the Senate floor Wednesday.

Rep. Mark Meadows, head of the House Freedom Caucus, said he'd vote against legislation if it provided for a corporate tax rate over 20 percent, a rate for small businesses higher than 25 percent, or if it fails to double the standard deduction.

The plan calls for cutting the corporate tax rate from 35 per cent to 20 per cent.

The White House and a spokeswoman for the House Ways and Means Committee did not respond to a request for comment on the Axios report, or a request to confirm the proposed standard deduction rates.

While Trump claimed parts of his tax proposal would hurt his wallet, he seemed sure the plan would bolster his popularity.

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He further raised concerns that the Republican plan would "explode our nation's deficit", arguing that economists on both sides of the political aisle agree that tax cuts do not pay for themselves.

Trump, GOP weigh surtax on wealthy, doubled deduction