• House Republicans on Thursday unveiled a tax cut plan that would slash the corporate rate and lower the personal taxes of most Americans but also limit a cherished deduction for homeowners, as President Donald Trump and the GOP seek to deliver on the first tax revamp in three decades.
The proposal would add $1.5 trillion to the nation’s debt over the next decade as Republicans largely abandoned fiscal discipline in a plan that could secure a legislative achievement for Trump and score a political win ahead of next year’s midterm elections.
Trump promised in a statement that his administration “will work tirelessly to make good on our promise to the working people who built our nation and deliver historic tax cuts and reforms — the rocket fuel our economy needs to soar higher than ever before.