10 things you need to know today: November 3, 2017

House Republicans unveil their tax-cut plan, Trump heads to Asia for talks on commerce and North Korea, and more

Paul Ryan talks about the GOP tax overhaul
(Image credit: AP Photo/J. Scott Applewhite)

1. House GOP releases tax reform bill

House Republicans on Thursday unveiled their broad tax reform plan, combining big, permanent tax cuts for corporations, which get $1 trillion of the plan's $1.5 trillion in cuts over a decade, with reduced deductions for home-buyers and simplified filing procedures for many Americans. In a White House kickoff event, supporters touted the overhaul as a tax break for the middle class. "We are working to give the American people a giant tax cut for Christmas," President Trump said in the Oval Office, promising that the reforms would "create jobs." Democrats dismissed the plan as a money grab for the rich with such changes as a phase-out of the inheritance tax and the repeal of the alternative minimum tax.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More
Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.