US Republicans have delayed unveiling the Donald Trump-backed tax overhaul until Thursday, signaling potential trouble ahead as congressional leadership struggles to lock in support for the historic but controversial effort. Lawmakers want additional time to study the measure, which includes $1.5 trillion in tax cuts that Trump has described as “rocket fuel” for the US economy. Republicans had recently announced a top rate of 35 percent, but concern rose about how to maintain sufficient revenues, and to win over Republicans concerned about tax cuts for millionaires. Trump weighed in ahead of the tax plan’s release. “The Republican House members are working hard (and late) toward the Massive Tax Cuts that they know you deserve.

Source: Manila Times November 01, 2017 01:52 UTC