The GOP plans to raise the lowest individual tax rate from 10 percent to 12 percent while dropping the tax rate for the wealthiest Americans from 39.6 percent to 35 percent, Axios reports, based on conversations with five senior Republicans.
The White House intends to sell the plan as a "tax cut" for the middle class by doubling the standard deduction, which will leave many people paying no taxes: "The standard deduction would almost double to $12,000 for a single filer and $24,000 for married couples, meaning Trump can accurately argue that many more low-income earners would pay no tax under his plan," Axios writes. The seven tax brackets would be collapsed down to three.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
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.
-
Tariffs: Will Trump’s reversal lower prices?Feature Retailers may not pass on the savings from tariff reductions to consumers
-
American antisemitismFeature The world’s oldest hatred is on the rise in U.S. Why?
-
Trump: Is he losing control of MAGA?Feature We may be seeing the ‘first meaningful right-wing rebellion against autocracy of this era’
-
Judge halts Trump’s DC Guard deploymentSpeed Read The Trump administration has ‘infringed upon the District’s right to govern itself,’ the judge ruled
-
Trump accuses Democrats of sedition meriting ‘death’Speed Read The president called for Democratic lawmakers to be arrested for urging the military to refuse illegal orders
-
Court strikes down Texas GOP gerrymanderSpeed Read The Texas congressional map ordered by Trump is likely an illegal racial gerrymander, the court ruled
-
Trump defends Saudi prince, shrugs off Khashoggi murderSpeed Read The president rebuked an ABC News reporter for asking Mohammed bin Salman about the death of a Washington Post journalist at the Saudi Consulate in 2018
-
Congress passes bill to force release of Epstein filesSpeed Read The Justice Department will release all files from its Jeffrey Epstein sex-trafficking investigation
-
Trump says he will sell F-35 jets to Saudi ArabiaSpeed Read The president plans to make several deals with Saudi Crown Prince Mohammed bin Salman this week
-
Judge blasts ‘profound’ errors in Comey caseSpeed Read ‘Government misconduct’ may necessitate dismissing the charges against the former FBI director altogether
-
Ecuador rejects push to allow US military basesSpeed Read Voters rejected a repeal of a constitutional ban on US and other foreign military bases in the country
