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USA: possible Tax Hike On Rich

President Trump has announced plans to increase taxes for wealthy Americans in his tax reforms as he

President Donald Trump said the rich might see a hike in taxes as he pursues a major tax overhaul with outreach to Democrats who oppose cutting rates for the wealthy, while Republicans in Congress set a timetable to unveil their plan. The White House and the Republican-led Congress have not put forth a detailed tax plan despite months of talks that have excluded Democrats. House of Representatives Speaker Paul Ryan said an outline would be unveiled during the work week beginning Sept. 25, with congressional tax-writing committees crafting detailed legislation in the subsequent weeks. Trump offered no specifics or evidence for how why the taxes would go up. Democrats have criticized the Republican tax overhaul efforts as benefiting mainly the wealthiest Americans. Trump, a real estate mogul, said the rich would not be making gains with the plan, which he said was geared toward providing the largest tax cut ever for the middle class and creating jobs. «I think the wealthy will be pretty much where they are,» Trump said of taxes on the rich, without specifying the income level. «If they have to go higher, they’ll go higher, frankly.» Trump will host Senate Democratic leader Chuck Schumer and House Democratic leader Nancy Pelosi on Wednesday evening to discuss the legislative agenda with a focus on the tax overhaul after meetings with bipartisan groups of lawmakers on Tuesday night and Wednesday afternoon. The proposal would, among other things, cut income tax rates, cut investment tax rates, cut corporate tax rates, jettison the alternative-minimum tax— which is paid by wealthier Americans — and also end the estate tax, which is also targeted at the wealthiest Americans. Trump reiterated his goal for a 15 percent corporate tax rate, down from the current 35 percent. «It would bring us to the level where China and other countries are. And we will be able to compete with anybody,» Trump said of the 15 percent rate.

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