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The long-awaited Republican tax-overhaul proposal would double the standard deduction for joint filers to $24,000, establish three tax brackets of 12 percent, 25 percent and 35 percent to replace the current seven rates, and set the corporate tax rate at 20 percent.

Many details remain unclear, including the income levels for each tax bracket, but according to details released early Wednesday, the corporate tax rate will be lowered to just below the 22.5 percent average of the industrialized world to continue President Trump’s campaign to bring jobs back from overseas and “make American great again.”

The president has said the plan will be the largest tax cut in American history.

A framework released by members of Congress cites the four requirements the president laid out: “First, make the tax code simple, fair and easy to understand. Second, give American workers a pay raise by allowing them to keep more of their hard-earned paychecks. Third, make America the jobs magnet of the world by leveling the playing field for American businesses and workers. Finally, bring back trillions of dollars that are currently kept offshore to reinvest in the American economy.”

The plans come from the White House, the House Committee on Ways and Means, and the Senate Committee on Finance.

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The plan would raise the standard deduction to $12,000 for single filers and $24,000 for married taxpayers filing jointly.

That will create a larger “zero tax bracket” by eliminating the tax liability for the first $24,000 of income for married couples.

“Under current law, taxable income is subject to seven tax brackets. The framework aims to consolidate the current seven tax brackets into three brackets of 12 percent, 25 percent, and 35 percent,” the outline explains. “Typical families in the existing 10 percent bracket are expected to be better off under the framework due to the larger standard deduction, larger child tax credit and additional tax relief that will be included during the committee process.”

The proposal also would modify income limits so the Child Tax Credit phases out at higher levels, allowing more middle-income families to take advantage. It will also eliminate the marriage penalty in the existing credit.

The outline recommends repeal of the Alternative Minimum Tax and eliminates “most” itemized deductions, keeping the credits for home mortgage interest and charitable contributions.

“These tax benefits help accomplish important goals that strengthen civil society, as opposed to dependence on government: homeownership and charitable giving,” it explains.

Also retained are tax incentives that “encourage work, higher education and retirement security.”

For businesses, the maximum rate for small and family businesses, sole proprietorships, partnerships and S corporations will be 25 percent.

It reduces the corporate rate to 20 percent and allows businesses to immediately write off the cost “of new investments in depreciable assets other than structures.”

“The framework explicitly preserves business credits in two areas where tax incentives have proven to be effective in promoting policy goals important in the American economy: research and development and low-income housing.”

It also “ends the perverse incentive to keep foreign profits offshore by exempting them when they are repatriated to the United States. It will replace the existing, outdated worldwide tax system with a 100 percent exemption for dividends from foreign subsidiaries (in which the U.S. parent owns at least a 10 percent stake).”

“To prevent companies from shifting profits to tax havens, the framework includes rules to protect the U.S. tax base by taxing at a reduced rate and on a global basis the foreign profits of U.S. multinational corporations.”

While the president had campaigned for a 10 percent rate, he likely will accept the higher rates that congressional Republicans suggested to gain support.

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