Trump to announce tax cuts for businesses, wealthy in speech

President Trump will announce his intention to cut tax rates for businesses and the wealthy and raise the lowest individual tax rate in a speech in Indianapolis on Wednesday, Reuters reports. The plan will be promoted 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).

Still, analysts fret that if "economic growth projected by Republicans fails to materialize," then massive tax cuts could "balloon the federal deficit and debt," Reuters writes. And while the president called for bipartisan reform on Tuesday, "Trump asked for Democrats to jump on the caboose after the tax train has already left the station," said Rep. Lloyd Doggett (D-Texas), who suggested many in his party would not be willing to get on board with the plan.

In fact, a mere 7 percent of Democrats back Trump's plan compared to 60 percent of Republicans and 29 percent of independents, a Washington Post/ABC News poll released Tuesday found. In aggregate, just 28 percent of Americans support the plan. Read more about if cutting the corporate tax rate would help U.S. workers, like Trump claims it would, here at The Week.

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