GOP leaders circulating plan that could end as massive tax cut for the wealthy
White House officials and Republican leaders are preparing a set of broad tax income and corporate cuts while also looking for a way to keep their plan from being a massive windfall for the wealthiest Americans, two people familiar with the plan said.
Party leaders are quietly circulating proposals to lower the corporate tax rate from 35 percent to 20 percent and lower the top individual income tax rate from 39.6 percent to 35 percent, according to the people familiar with the plan.
White House advisers are divided over whether to cut the top individual tax rate, and Republican leaders, aware the plan could be construed as a huge giveaway to the wealthy, are trying to design features to the package that would ensure that the rich don't get too large a share of the plan's tax relief.
Top White House negotiators and key GOP leaders have agreed on those targets, but apparently President Trump has not. On Sunday, as he was about to board Air Force One in New Jersey, Trump told reporters he hoped to see the corporate tax rate lowered to 15 percent, a level that his own negotiators had privately dismissed weeks ago.
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