Washington • Sen. Orrin Hatch joined fellow Republicans on Wednesday in unveiling a tax reform package that would double the standard deduction and more than halve the number of tax brackets while also lowering the corporate tax rate.
The ambitious plan — which Hatch will oversee as chairman of the Senate Finance Committee — did not detail what deductions would be eliminated to make up for the lost money from the tax cuts, the sticking point in actually passing an overhaul of the tax system.
The proposal, now the top goal for the GOP-led Congress and President Donald Trump after the failure to repeal Obamacare, would cut the corporate tax rate to 20 percent from 35 percent, make it easier for multinational companies to bring profits back to the United States, lessen the number of tax brackets to three from the seven currently in law and expand the child tax credit.