Republicans unveiled their tax reform plan Wednesday, with Sen. Tim Scott (R-S.C.) even giving the proposal its own hashtag: #KeepYoMoney.
The reform technically raises the taxes of the lowest income bracket and lowers the taxes of the highest income bracket, although the plan is being sold as a win for the middle class because it will also double the standard deduction for all taxpayers: "In the end, even the lowest rates get a tax cut," explained Rep. Jim Renacci (R-Ohio). Additionally, Republicans have promised to "make America the jobs magnet of the world" by cutting the federal tax on corporate profits to 20 percent, down from 35 percent.
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