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Republicans prepared to release details of tax plan in upcoming weeks

The budget director added during an interview on Bloomberg Television that the Trump administration wants to see a 15 percent corporate tax rate and that an overhaul should simplify Americans' ability to file taxes.

"If they have to go higher, they'll go higher, frankly".

Mr Trump has said the rich might see a hike in taxes as he pursues his tax overhaul by reaching out to Democrats to oppose cutting tax rates for the wealthy. Although the administration has not provided specifics on its plan, House Republicans have embraced an approach that would lower the top individual rate from 39.6 percent to 33 percent, which would be enormously beneficial to the wealthiest Americans.

House Ways and Means Chairman Kevin Brady, who'll play a primary role in shaping an eventual bill, repeated his goal of providing tax cuts to all income segments. "We're looking at the middle class and we're looking at jobs". Republicans point out the USA corporate tax rate is the highest in the world, but in fact most companies pay a far lower rate, and after deductions and credits the highest effective tax rate is just over 19 percent. Meadows and other House members emerged from a meeting with Brady Wednesday afternoon saying there's still no agreement on where to set individual tax rates - or the corporate tax rate, for that matter. But none have presented details of a plan. "It's encouraging that this meeting included Republican and Democratic senators, as I've long said I want to work with those on both sides of the aisle on a comprehensive, permanent tax reform plan that works for North Dakota workers and retirees and helps grow the economy, and I hope these bipartisan discussions continue".

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But legislators have not revealed what tax breaks they would eliminate to offset the revenue that would be lost from the dramatic tax rate reductions, which some economists have said could reduce government receipts by more than $5 trillion over 10 years. Pelosi and members of her caucus in the House have taken a similar stance, and as such, Democrats are specifically criticizing plans to repeal the estate tax and the possibility of eliminating deductions widely used by the middle class.

An analysis by the Washington-based Tax Policy Center found that under the one-page tax outline that the White House released in April, nearly 40 percent of the tax cuts would have gone to the top 1 percent of earners - giving those households an average annual tax cut of $270,000. And during a speech in Missouri late last month, he warned Congress not to disappoint him on tax reform.

"This is really the consensus of the tax writers themselves so that we're working from the same page", Ryan said during a press conference Wednesday. With a nod toward the House Republicans' plan, he said: "Three is better than seven, and by the way two is better than three and one is better than two".