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Republicans to propose keeping top tax rate for very wealthy, working to win over moderates

“But the tax plan is expected to expand the child tax credit, something Ivanka Trump has said will help working families” reports washingtonpost.com. House Majority Leader Kevin McCarthy (R — Calif.) said Tuesday that Brady’s tax plan would lower the corporate tax rate from 35 to 20 percent, as demanded by Trump.Overall, House Republicans say their plan will reduce federal tax revenue by $1.5 trillion over the next decade.House and Senate GOP tax writers are also expected to have a much different approach to the taxation of profits overseas.Keeping the tax rate for people earning over $1 million could reduce the impact on the deficit by about $200 billion over a decade, according to the Committee for a Responsible Federal Budget.
 
Source: washingtonpost.com



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