The White House is expected to announce Tuesday a proposal to cut taxes for the wealthiest Americans, with some key details of the plan still being hammered out.
The details, which would likely include tax breaks for the wealthy, are still being worked out, though the administration has said it will cut taxes on a variety of other groups.
Trump’s proposal would give the wealthy a tax cut of $5.9 trillion over the next decade, with an additional $2.5 trillion in tax breaks over the course of the decade.
The plan would also expand tax deductions for middle-class families, including for mortgage interest and charitable giving.
It also includes a plan to raise revenue by closing tax loopholes and eliminating tax deductions on income and investment gains.
“The American people want their taxes lowered, they want their deductions and loopholes closed, and they want a big tax cut,” said House Speaker Paul Ryan, R-Wis.
A new tax plan, which Trump will outline Tuesday, would cut taxes by a total of $1.9tn over the coming decade, according to a summary of the proposal provided to The Associated Press.
House Speaker Ryan, pictured in Washington on Monday, says Trump’s tax reform plan will give him tax cuts “by a total” of $4.9trillion.
Ryan, R., speaking to reporters on Monday.
He also said that Trump’s plan would help the middle class, saying the plan would provide $1,000 in tax relief to a family of four.
Democrats have already been calling for a tax increase, arguing that wealthy Americans should pay more in taxes.
Some analysts said Trump’s proposal was unlikely to pass the Senate, as Republicans hold 52 seats.
Republicans control the House, Senate and the White House.
Senate Minority Leader Chuck Schumer, D-N.Y., told reporters that Trump “would have to make some concessions” in order to pass his plan.
Sen. Tom Cotton, R.I., chairman of the Senate Judiciary Committee, told reporters Tuesday that Trump should be prepared to take some “substantial tax changes” to help the rich.
Tammy Baldwin of Wisconsin and Cory Booker of New Jersey also called on Trump to lower taxes for middle class families.
“I have seen the Whitehouse proposal, it’s just a big lie,” Booker said.
“You want to be the president of the United States, you need to be a president that actually works for the middle and working class.
That is the biggest problem we face.
You have to be willing to make a real change.
The middle class needs to be able to have their taxes raised, and that’s what this is all about.”
Trump is expected on Tuesday to announce that his plan would offer the richest Americans a tax break worth $5,900, according a summary provided to the AP.
The proposal would also provide a tax credit for home mortgage interest, a tax deduction for charitable giving and a refund for state and local taxes.