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Politics

Paul Ryan and Mitch McConnell start the tax reform push

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Key congressional Republicans started their push for tax reform Wednesday after the GOP unveiled a framework for its tax-reform plan.

At an event, House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell and other top lawmakers framed their proposal as vital to boosting wages and job opportunities.

"We want the American people to wake up in a new year with a new system," Ryan said, describing the plan as "all about more jobs."

McConnell said the plan "is about getting America going and rolling again."

The framework hashed out by the "Big Six" of White House advisors and top GOP lawmakers calls for chopping the corporate tax rate and reducing the rate for so-called pass-through businesses. It also reduces income tax brackets from seven to three, with rates of 12, 25 and 35 percent, and gets rid of most itemized deductions.

It does not provide much detail on how Republicans plan to pay for the tax plan.

The president is expected to sell overhauling the American tax system as essential to his populist agenda in a speech in Indiana on Wednesday afternoon.

Read more:

Trump's tax reform plan would dramatically lower rates for businesses, some individuals

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