Trump unveils new tax reform

New Republican framework for tax reform calls for sweeping tax cuts and a simplification of the tax code.

Arutz Sheva Staff,

Donald Trump
Donald Trump

U.S. President Donald Trump on Wednesday unveiled a Republican framework for tax reform that calls for sweeping tax cuts and a simplification of the tax code.

"This is a once-in-a-generation opportunity, and I guess it's probably something I could say that I'm very good at," Trump said in Indiana, as quoted by CNN.

"I've been waiting for this for a long time. We're going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans. And we are going to bring back the jobs and wealth that have left our country and most people thought left our country for good," he added.

The GOP proposal, being presented jointly by the White House, House Ways & Means Committee and Senate Finance Committee, calls for reducing income tax rates to three brackets of 12%, 25% and 35%, but leaves the income ranges for those brackets up to tax committees, according to a copy of the Republican framework obtained by CNN.

The proposal also gives committees the flexibility to create a fourth bracket that could potentially eliminate a potential tax cut for the wealthiest Americans.

Furthermore, it calls for doubling the standard deduction to $24,000 for married couples and $12,000 for single filers.

The framework also calls for slashing the corporate tax rate to 20%, though Trump has for months said he would like to see the 35% rate brought down to 15%.

The White House is aiming to push tax reform through Congress by the end of the year.

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