The White House on Wednesday began laying out President Trump's tax plan, which calls for sharp cuts for businesses and individuals. The administration says the cuts will spur economic growth and bring jobs and prosperity to America's middle class, though lawmakers were worried about ballooning federal deficits. Much of the details have yet to be hashed out with Congress. Some highlights, per the AP:
- Trump's plan would reduce the number of personal income tax brackets to three from seven: rates of 10%, 25%, and 35%. The current maximum is 39.6%.
- It would double the standard deduction for married couples to $24,000, while keeping deductions for charitable giving and mortgage interest payments.
- The administration plans to provide tax relief for families with child care expenses, too, although the specifics have yet to be included.