Watch Trump tax reform speech in Pennsylvania

Watch Trump tax reform speech in Pennsylvania


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President Donald Trump heads to Pennsylvania on Wednesday to promote the Republican tax reform effort, his top legislative priority.

The president will speak in Harrisburg, where he is expected to describe the GOP plan as a benefit to the truckers in attendance.

Late last month, Republicans released a framework for the tax plan they hope to pass this year. It calls for major reductions in household and corporate income tax rates and a doubling of the standard deduction.

The framework left out many key details. The congressional tax-writing committees are expected to spell out specifics once Congress passes a joint budget, a key step in the process.

Already, the GOP has run into political hurdles. Lawmakers in high-tax blue states have started to push back on a proposal to get rid of state and local tax deductions, a method to raise money to help offset tax cuts.

Some lawmakers have also expressed concerns about the potential budget deficits generated by the tax cuts.



Source : cnbc.com

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