GOP, White House prepare to roll out tax cuts

WASHINGTON (AP) — The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans. President Donald Trump is ready to roll out the policy proposal at midweek.

The grand plan to rewrite the nation’s tax code would be the first major overhaul in three decades, delivering on a Trump campaign pledge and providing a sorely needed legislative achievement. It also is expected to eliminate or reduce some tax breaks and deductions.

The plan would likely cut the tax rate for the wealthiest Americans, now at 39.6 percent, to 35 percent. In addition, the top tax for corporations would be reduced to around 20 percent from the current 35 percent.