President Trump is announcing the rollout of his tax plan Wednesday afternoon in Indiana, as Republicans look to the next big-ticket agenda item, now that their health care bill is dead.
The long-awaited tax plan slashes the number of tax rates from seven to three, and lowers taxes for corporations and small businesses. But many of the details are still up in the air — the administration isn’t attaching income levels to those tax rates — and the White House is leaving all the fine-tuning to the tax-writing committees in Congress. Treasury Secretary Steve Mnuchin first announced the administration’s plan with a one-page summary in April, eliciting mocking comments for the proposal’s lack of detail. Months later, the plan is slightly more fleshed out, but only slightly.
The plan could be in trouble with Republicans already. Retiring Sen. Bob Corker, R-Tennessee, told reporters Wednesday he would not vote for a bill that adds to the deficit. Tax reform, Corker said, will make health care look like a “piece of cake.”
Source: CBS News – Politics