What is the latest on the tax reform debate
President Donald Trump and congressional Republicans are nearing a deal on their tax overhaul proposal.
The president has said the plan will raise the standard deduction and lower the corporate tax rate to 25 percent from 39.6 percent, but it remains to be seen whether the plan can reach that target.
House Ways and Means Committee Chairman Kevin Brady (R-Texas) said Friday that Republicans will move on to the second part of the tax overhaul plan on Monday.
The second step would make the standard deductions larger and lower other taxes, but not eliminate them entirely.
The first phase of the plan would raise the income tax rate on everyone from 28 percent to 33 percent, with the top rate on those making more than $400,000 starting at 35 percent.
That would raise nearly $1 trillion over 10 years.
House Speaker Paul Ryan (R – Wis.) said on Thursday that Republicans would take up the tax plan this week.
He said Republicans would not take up a second round of tax reform before the November election.
“We will continue to move forward on this agenda,” Ryan said.
He did not give details about the second tax package, other than to say the goal is to deliver a plan “that puts Americans back to work.”
“I think this is a good time to make the case for tax reform and I think the American people are ready to get their tax bill fixed.”
Read or Share this story: http://usat.ly/1QhXgEZ