WASHINGTON, DC (CBSMiami) — After a failed attempt to repeal Obamacare, President Donald Trump and Republicans are looking for a win.
The president will outline a tax code overhaul this afternoon in Indianapolis. If it passes, it would be the first revamp of the tax code in three decades.
CBS News has learned the proposal will slash the corporate tax rate from 35 to 20 percent.
Seven tax brackets will become three: 35, 25 and 12 percent.
That cuts a lower tax rate for the wealthiest Americans and creates a higher one for the poorest.
But President Trump says it will be off-set by a standard deduction that’s roughly doubled.
Married taxpayers filing jointly would get $24,000 in deductions. Single filers will get 12,000.
The president also says his plan would significantly increase the child tax credit and would modify the income limits so that the credit is available to more middle-income families.
On Tuesday, the president met with Republicans and Democrats on the House Ways and Means committee to put finishing touches on the bill.
“Under our plan, the vast majority of Americans will be able to file a tax return on a single page without extra record keeping and all of that paperwork,” said President Trump.
The president believes a lower corporate tax code will keep businesses from leaving the U.S.
“The jobs will start pouring in from all over the world, coming back to our country,” said Trump.
The proposal was months in the making and most of it was crafted behind closed doors by White House economic officials and GOP leaders.
Vice President Mike Pence will join House Republicans at a closed retreat on Wednesday to discuss tax reform.
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)