5 takeaways on the GOP's tax reform plan

Reuters

President Donald Trump has said a tax overhaul "is not to benefit the wealthy", but rather the middle class. Treasury Secretary Steven Mnuchin has also pledged that wealthy Americans wouldn't see an "absolute" tax cut. Middle-class Americans will also receive a boost, with double the standard deduction benefits.

The plan includes long-held Republican goals of reducing the corporate tax rate and simplifying the tax code.

Meanwhile, the group of administration officials and congressional leaders that's planning a framework for tax legislation is also expected to recommend cutting the top individual tax rate to 35 percent, down from 39.6 percent, according to two people familiar with the matter.

The White House and a spokeswoman for the House Ways and Means Committee did not respond to a request for comment on the Axios report, or a request to confirm the proposed standard deduction rates.

Rep. Brian Higgins, D-N.Y., who attended the meeting Tuesday with Trump, said Trump is extremely disappointed with Republican leaders and their inability to repeal Obamacare, which he said has added to the president's focus on passing tax reform. They claim it is "fully aligned" with the House and Senate committees now working on the policy.

It reduces the corporate rate to 20 percent and allows businesses to immediately write off the cost "of new investments in depreciable assets other than structures". The survey showed that almost half of voters considered lowering middle-class taxes to be the most important aspect of reform, and more than half - including a plurality of Democrats - supported lowering the corporate tax rate. "We want tax reform that makes America great again", he said.

Most tax deductions would be eliminated under the plan, except for the mortgage interest rate deduction and the charitable deduction.

The House Freedom Caucus endorsement is noteworthy because it could ease House passage of a budget plan that's the first step to advancing the tax cut measure through Congress.

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NY congressional Republicans had pleaded with Trump to retain the tax break over concerns it would hit New Yorkers hard and amount to an unfair double tax.

The perk - first enacted with the income tax in 1913 - is most heavily used in coastal, bluer states that include New York, California, New Jersey and CT.

Freedomworks president Adam Brandon told reporters last week: "If the Republicans can't get this tax deal done, we'll be facing a GOP crisis". That's because of business-related tax breaks introduced by the bill, including a reduction in the income tax on family-owned "pass-through" entities such as hedge funds, medical offices, and legal firms.

Republicans control the White House and both houses of Congress, giving them a rare opportunity to revamp the tax code.

The plan would collapse the number of personal tax brackets from seven to three.

The tax plan will likely be revealed in the next coming weeks, but Congressional tension is already brewing across the political divide.

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

If the GOP-controlled Congress passes the plan, it would be the first major overhaul of the USA tax code in three decades.

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