WASHINGTON (WSAV) – President Trump is calling on Congress to re-write America’s tax code by cutting taxes for millions of people.
Republicans say its all about re-invigorating the economy, but after failing on health care reform, critics consider a tax overhaul far from certain.
During a speech today in Indianapolis, Trump laid out his framework for tax reform.
“By eliminating tax cuts and loopholes, we will ensure benefits are focused on the middle class,” Trump says.
He hopes to cut the corporate tax rate from 35 percent down to 20, eliminate the lowest tax bracket of 10 percent and the highest which is 39.5 percent.
This plan also focuses on reducing the number of tax brackets while also doubling the standard deduction.
House Ways and Means chairman Kevin Brady of Texas sees this plan as a strong start.
“The ways and means committee is ready to turn this framework into legislation,” Rep. Brady says.
But many lawmakers say reform will only happen if both parties work together.
“The partisan squabble over healthcare is over, we can move forward on a bi-partisan way,” says Sen. Bill Nelson, D-FL.
However, fellow Democrat senator Chuck Schumer says Republicans are only looking out for one group — the wealth.
“They’re going to be in for a rude awakening because the American people are going to rise up against this,” Sen. Schumer says.
Congress will hold the first hearing on tax reform in October and the White House says it wants a vote by the end of the year.
GA, SC senators weigh-in on tax reform:
Senator Johnny Isakson, S.C., released this statement today, saying in part,
Today’s announcement is the result of years of work by our committee to overhaul the U.S. tax code and provide meaningful tax relief for middle-class Americans while boosting our economy.
And Senator David Purdue from Georgia:
This is a historic opportunity to defend American workers against unfair competition. other countries have already lowered their corporate tax rate and eliminated their repatriation taxes.