GOP Tax Plan Overhaul Nearly Doubles Standard Deduction
WASHINGTON (AP) – A new Republican blueprint for overhauling the U.S. tax code employs the themes of economic populism that President Donald Trump trumpeted during the presidential campaign to win support from working-class voters.
A copy of the plan to be released later Wednesday says, “Too many in our country are shut out of the dynamism of the U.S. economy.” That’s led to what the plans says is “the justifiable feeling that the system is rigged against hardworking Americans.”
The plan, obtained by The Associated Press, says the Trump administration and Congress “will work together to produce tax reform that will put America first.”
The GOP plan for the first major rewrite of the U.S. tax code in 30 years also says corporations will be stopped from shipping jobs and capital overseas.