The Latest: GOP Tax Plan Nearly Doubles Standard Deduction
WASHINGTON (AP) — The Latest on the Republican plan to overhaul the tax code (all times local):
President Donald Trump and congressional Republicans are proposing a tax plan that they say will be simple and fair.
In a document obtained by The Associated Press on Wednesday, their outline a blueprint for almost doubling the standard deduction for married taxpayers filing jointly to $24,000, and $12,000 for individuals.
The plan calls for cutting the corporate tax rate from 35 percent to 20 percent. The GOP proposal also calls for reducing the number of tax brackets from seven to three with a surcharge on the wealthiest Americans.
The plan also leaves intact the deduction for mortgage interest and charitable deductions.
The White House and Republicans plan a formal roll out later Wednesday.
President Donald Trump and congressional Republicans are rolling out a sweeping plan to cut taxes for individuals and corporations, simplify the tax system, and likely double the standard deduction used by most Americans.
Months in the making, the plan meets a political imperative for Republicans to deliver an overhaul of the U.S. tax code after the failure of the health care repeal.
The public reveal of the plan was set for Wednesday. The day before, details emerged on Capitol Hill while Trump personally appealed to House Republicans and Democrats at the White House to get behind his proposal.