GOP teases details of tax package

WASHINGTON—Republican leaders unveiled their most detailed look yet at their tax reform plan on Wednesday, outlining a framework to cut individual and corporate taxes. The nine-page report, developed by top congressional leaders and Trump administration officials known as the “Big Six,” is the product of months of intense debate. President Donald Trump plans to pitch the proposal during a speech in Indiana on Wednesday. The document proposes cutting the corporate tax rate from 35 percent to 20 percent. Small business owners would pay a 25 percent pass-through rate instead of getting taxed at an individual rate based on profits. On the individual income side, the plan calls for reducing the number of tax brackets from seven to three, with the lowest rate at 12 percent—a 2-percent increase from the current system, but most people in the 15 percent bracket would see a decrease. The new report will serve as a template for congressional committees to write legislation. Republicans hope to develop a tax reform bill and pass it in both the House and Senate with only GOP votes using budget reconciliation before the end of the year. If successful, the plan would be the first major reform to the tax code since 1986.