PhotoAfter months of secret negotiations, the Trump administration and congressional leaders have come up with a tax plan — sort of. This much is clear: The tax “framework” published by Republican leaders on Wednesday would greatly increase the federal deficit, would not turbocharge economic growth and could leave many middle-class families worse off by ending deductions they rely on. And can it be just a happy coincidence that Mr. Trump and his family would benefit “bigly” from this plan? On income taxes, the framework calls for reducing the top tax bracket to 35 percent, from 39.6 percent, which would benefit people earning $418,400 a year or more. This could greatly hurt middle-class families in New York, California and other states with high local and state taxes that the families will no longer be allowed to deduct from federal taxes.

Source: New York Times September 28, 2017 00:17 UTC