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"We've got two important members of our Congressional dekegation and two USA senators, whose votes are critical".

US President Donald Trump addresses supporters as he speaks at the Indiana State Fairgrounds & Event Center on Thursday. "I've been waiting for this for a long time".

"Our tax plan is aimed to return more income back to hard-working Americans", he added. "We need a tax system that encourages companies to stay in America, grow in America, and hire in America". Burman pointed out that the burden of the postponed taxes could fall on lower-and middle-income people in the future, either through tax increases or cuts to programs that benefit those groups.

The primary change for individuals is a simplified tax code that reduces the seven current income tax brackets to three, and would double the standard deduction for married and single filers.

The outlines of the proposal involve cutting corporate tax rates from 35 percent to 20 percent, reducing the number of income tax brackets from seven to three and eliminating the so-called alternative minimum tax, which is created to cut down on tax dodging, among other changes.

The tax plan would increase the deficit by $2.4 trillion over the first decade.

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Experts say the net effects on lower- and middle-income Americans are hard to determine, while the potential gains for ultra-wealthy Americans and businesses are larger and more concrete.

Among a host of changes to individual and business tax rates, the headline figure is a reduction in corporation tax from 35 percent to 20 percent. It is an invitation for companies to shift operations and headquarters overseas.

Analysts were sceptical that Congress could approve a tax Bill this year, but that is what Republicans hope to achieve so they can enter next year's congressional election campaigns with at least one legislative achievement to show for 2017. We truly have enough silver-spoon dynasties in this country.

In the address, Trump will also review policy changes since he took office in January that are meant to improve the business climate, the official said.

But those assumptions are based largely on details laid out in the House Republican leadership's "A Better Way" blueprint from a year ago and the one-page tax outline released by the Trump administration in April. Households making more than about $900,000 a year would see their taxes drop by more than $200,000 on average. More than a third of taxpayers with incomes between $150,000-$300,000 would be paying higher taxes in 2018, and 60% of them by 2027. "I think it would be a miracle if it helped the middle class", said Senate Minority Leader Charles Schumer, D-N.Y.


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