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Trump promises to cut middle class taxes “tremendously”

The AP reports that “President Donald Trump vowed to deliver on a major tax cut for middle-class Americans on Tuesday as the White House and congressional leaders prepared to release details on a tax overhaul proposal that would slash the corporate rate and simplify the nation’s tax code.” The president met with House Ways and Means Committee members from both parties, and reiterated that he would release a “very comprehensive, very detailed report” outlining his framework for tax reform on Wednesday. “We will cut taxes tremendously for the middle-class. Not just a little bit but tremendously,” Trump said, promising that jobs “will be coming back in because we have a non-competitive tax structure right now and we’re going to go super competitive.” The AP adds that House Republicans will hold a retreat at Fort McNair outside Washington on Wednesday “to discuss the proposal.” Reuters  reports that many conservative lawmakers are “predicting aggressive tax cuts would drive economic growth high enough in future years to produce a flood of new tax revenues that would pay for lower rates.” In a separate article, Reuters  reports that “about 95 percent of American businesses are pass-throughs such as sole proprietorships, partnerships, and S-corporations, according to the Brookings Institution,” meaning that “pass-through profits are now taxed at top individual income-tax rates as high as 39.6 percent, higher than the top corporate income tax rate of 35 percent – a disparity that pass-through business owners have long complained about.” Politico also reported a guide to the key tax reform issues at play.

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