WASHINGTON — Congressional officials say President Donald Trump and Capitol Hill Republicans are considering an income tax surcharge on the wealthiest, even as they plan to lower the top rate paid by upper-income people to 35 percent.
The current top rate demanded by former President Barack in a 2013 tax deal is 39.6 percent.
The emerging plan would also repeal the tax on multi-million dollar estates, and double the standard deduction paid by most filers. The top corporate rate would drop to 20 percent.
The goal is a more simple tax code that would spur economic growth and make U.S. companies more competitive.
The outlines of the plan were described by GOP officials who demanded anonymity to disclose private deliberations.
There’s little detail, however, on which tax breaks will be eliminated to help pay for the lower rates.
Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. (Photo: CNN)
