WASHINGTON—U.S. President Donald Trump and congressional Republicans are proposing a far-reaching, $5 trillion plan Wednesday that would cut taxes for corporations and potentially for individuals, simplify the tax system and nearly double the standard deduction used by most Americans.The plan is sweeping in scope but omits critical, controversial details that are likely to take months to work out in a bitterly divided, GOP-led Congress. The political stakes are high for Republicans and for Trump, whose agenda has largely stalled as the GOP abandoned efforts to repeal the Obama-era health law. Republicans see tax overhaul as a once-in-a-generation opportunity that could produce a large political payoff, though some polls show the public is skeptical that average Americans will benefit much.“Too many in our country are shut out of the dynamism of the U.S. economy, which has led to the justifiable feeling that the system is rigged against hardworking Americans,” says the blueprint, obtained by The Associated Press. “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.”Read more: Trump pitches his tax cut plan, says he wants to ‘bring back Main Street’Trump, Republicans appear to fail again as third senator comes out against Obamacare repealDonald Trump is burying America in an avalanche of news (and it’s all important)There are no details on how much it would cost, though back-of-the-envelope estimates by outside experts put the tax cuts in the range of $5 trillion over the next 10 years. The net cost to the federal debt would be far less — probably in the range of $1.5 trillion under deal put together by Senate Budget Committee Republicans — and the real battles will come as lawmakers quarrel over which tax breaks might be eliminated to help p ...
|
