WASHINGTON (AP) — The Latest on the Republican plan to overhaul the tax code (all times local):
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.
In a document obtained by The Associated Press on Wednesday, they outline a blueprint for almost doubling the standard deduction for married taxpayers filing jointly to $24,000, and $12,000 for individuals.
The plan calls for cutting the corporate tax rate from 35 percent to 20 percent. The GOP proposal also calls for reducing the number of tax brackets from seven to three with a surcharge on the wealthiest Americans.
Source: Associated Press