World Media

Trump makes last major pitch for tax overhaul

Trump makes last major pitch for tax overhaul

Lawmakers on the congressional conference committee working to reconcile differences between the House and Senate versions of the tax legislation will have lunch with the president at the White House before the speech, Trump spokeswoman Lindsay Walters said.

Among them were expanding childcare tax credits, closing special interest loopholes, and lowering tax rates for families.

The IRS says taxpayers could begin seeing less money withheld from their paychecks "as early as February" if Congress passes a Republican tax overhaul plan this month.

While support for the tax bill has been heavily divided down party lines, during his speech, Trump explained that lowering taxes isn't a partisan issue. "But an American principle and an American idea". "When I say giant, I mean giant". It will also be the largest code reform since the Tax Reform Act of 1986. "They like it a lot and they can't say it", he said.

Apple plows $390M into Finisar facial recognition, 500+ jobs
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Once the legislative process of merging the tax bills is complete, it will be sent back to the House and Senate for final passage. A final vote is expected next week. Trump will use the visiting families, who will join him in the White House's grand foyer, to illustrate provisions likely to benefit families across the country, they said.

But on tax simplification, the individual plans are different in the House and Senate plans.

Another major reform is the elimination of state and local tax deductions.

The corporate tax rate will be cut to 21 per cent, and the deduction for pass-through companies will be 20 per cent. There are seven brackets in the Senate bill, and only four in the House measure. The reduction is certain to provide ammunition for Democrats who complain that the tax package is a massive giveaway to corporations and the rich. The Senate bill does lower the rates for most filers.


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