Vern Buchanan

Trump tax plan said to cut taxes for wealthy and hit some blue states

Trump tax plan said to cut taxes for wealthy and hit some blue states

President Donald Trump and Republican leaders plan to release a tax framework this week that would dramatically cut taxes for corporations and the wealthy, provide a measure of middle-class tax relief and punish some households in Democratic-leaning states like New York and New Jersey.

That summary, based on a list of details that's circulating among Washington lobbyists, breaks from the president's recent rhetoric against tax cuts for the rich. It sets the stage for a battle with Democrats and faces a litany of obstacles, including intra-party disputes about whether to pay for the tax breaks upfront or increase the deficit.

The emerging framework includes a proposal to cut...

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