Congressional Republicans on Wednesday unveiled the framework for their long-awaited tax-reform plan, which simplifies the tax system and cuts rates for businesses – while attempting to boost household incomes by nearly doubling the standard IRS deduction used by most Americans. Congressional Republicans describe the change as creating a larger “zero tax bracket.”READ THE GOP TAX FRAMEWORKThe stakes are high, after Republicans a day earlier scrapped their latest effort to repeal and replace ObamaCare. Now, the legislative focus will shift to tax reform, which Trump has been eager to tackle since taking office. The broad-stroke plan was hammered out for months by a half-dozen congressional Republicans and Trump administration officials known as the Big Six. However, any attempt at a bipartisan reform appeared to unravel with minutes of the congressional Republicans announcing the plan.

Source: Fox News September 27, 2017 15:29 UTC