DETAILS HAVE LEAKED OUT ABOUT PRESIDENT TRUMP’S PROPOSED TAX PLAN

Winchester, VA – Axios is reporting that since Friday, details have been leaking out about President Trump and the GOP’s proposed plans to revamp the tax system. Reportedly, the new tax system will reduce the top tax rate for the wealthiest Americans to 35% and it will reduce taxes on both big and small businesses. For businesses operated by sole proprietorship and small businesses, the tax rate will be cut to 25%. The tax plan has been under negotiations between the six top Trump administration officials and Republican lawmakers, also known as the Big Six: House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Treasury secretary Steven Mnuchin, White House economic adviser Gary Cohn, and the chairmen of the two tax-writing committees — Senate Finance Committee chairman Orrin Hatch and House Ways and Means chairman Kevin Brady. 45 of 48 Democrat senators have vowed to reject any tax proposal which adds to the deficit or gives tax breaks to the wealthy. Republicans are also aiming to double the standard deduction—a move aimed at helping the middle class—and to eliminate a loophole by which the wealthy rearrange their affairs so they can be taxed at the small business rate. Two possible road bumps in the new tax plan: Congressional Republicans want the corporate tax rate to be lowered to 16% and this appears to be unworkable. Also, the tax plan will increase the deficit, in the short term.

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