The Latest: Trump to meet with House panel to talk taxes

WASHINGTON (AP) — The Latest on the Republican effort to overhaul the tax code (all times local):

11:20 a.m.

President Donald Trump is meeting with Republicans and Democrats from the House tax-writing committee as he plans a “big announcement” on Wednesday on his tax overhaul proposal.

The president says at the White House that he and congressional leaders will be releasing a “very comprehensive, very detailed report” that will offer a framework on his tax plan.

Trump says the nation’s tax system is too complicated and he plans to cut taxes “tremendously” for the middle class. He says the plan will double the standard deduction and will increase the child tax credit that families use.

He says it will also lower tax rates for businesses and seek to encourage corporations to bring back money held overseas.

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11 a.m.

The apparent collapse of Republican efforts to repeal and replace Obamacare is increasing the pressure on the GOP to deliver on taxes.

That’s the word from Rep. Blake Farenthold of Texas on Tuesday. The lawmaker told reporters following the weekly closed-door House GOP caucus meeting: “I think everybody understands that there were certain promises made in the last election, we haven’t gotten there on Obamacare, we damn well better get there on tax.”

Republicans and Democrats on the House Ways and Means Committee were meeting with President Donald Trump at the White House ahead of the rollout of the GOP tax plan.

The latest Senate GOP effort to dismantle Barack Obama’s Affordable Care Act collapsed in the face of growing opposition, making taxes a legislative imperative for the White House and Congress.

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4 a.m.

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.