'Will cut middle class taxes tremendously' - doubles standard deduction

President Trump meets at the White House with a bipartisan group of lawmakers about tax reform. None

Almost three-quarters of Americans believe the tax system favors the wealthy - and half of them believe President Trump's tax plan will help the rich even more, according to a new Washington Post-ABC News poll. "That includes almost doubling the standard deduction that most families take on their taxes and increasing the child tax credit".

The plan would almost double the standard deduction to $12,000 for individuals and $24,000 for families.

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.

Reports say Trump and Republican leaders plan to cut the top tax rate for the wealthiest Americans to 35% - in spite of Trump's earlier saying an overhaul wouldn't benefit them - and the corporate rate to 20%.

"There's a lot of appetite on the Republican side" for repealing the estate tax, Rep. Tom Reed, R-N.Y., a member of the Ways and Means Committee, said before the meeting at the White House. Administration officials said Trump's plan would be "at least as progressive as the current tax code".

Congressional Republicans' next step on tax reform following the framework's release is to pass a budget resolution that provides instructions for a tax bill.

Trump says his tax plan will "bring back the jobs and the wealth that have left our country". "The devastation in Puerto Rico has set us back almost 20 to 30 years", said Puerto Rico Resident Commissioner Jenniffer Gonzalez.

Most tax deductions would be eliminated under the plan, except for the mortgage interest rate deduction and the charitable deduction. The middle-class tax cut that Trump has been talking about is a lie.




White House officials said they intend to erase deductions for state and local taxes, among others.

-The corporate tax rate would drop from 35 percent to 20 percent.

"We'll see what happens, but I hope it's going to be 15 percent", Trump told reporters Sunday as he prepared to return to Washington after a weekend in New Jersey. "This is a plan for the middle class and for companies so they can bring back jobs".

After more than eight months of negotiating, the White House and GOP leaders have agreed on several targets for the tax cuts.

Tax reform has become a major theme of unity for the Republican Party amid rising frustration among conservative lawmakers who have failed to repeal and replace Obamacare.

"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", the plan reads. It mentions the potential for one additional top rate "to ensure that the wealthy do not contribute a lower share of taxes paid than they do today".

The plan released Wednesday still lacked a number of important details, including when the different tax brackets kick-in.

The corporate tax rate would be cut from its present 35 percent - a level that USA companies say hurts them in the global market.

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