President Trump teased a “very, very powerful document” on his tax plan to be released Wednesday, saying Tuesday that the “comprehensive report” would lay out middle-class tax cuts and lower rates for businesses.
Trump, who delivered his remarks at a meeting with members of the House’s tax-writing committee at the White House, is set to travel to Indianapolis Wednesday to deliver a speech outlining the tax plan.
The White House has developed the plan with members of the Republican leadership in the House and Senate, a group that has become known as the “Big Six.”
The group hasn’t officially announced its tax goals yet, but they are expected to lower top individual and business rates. “We want to go over them with the committee, but they are set,” Trump said.
As for middle-class tax relief, Trump said the group would aim to “nearly” double the standard deduction, which is $12,700 for a married couple. Also, he said, the plan would increase the child credit, which is $1,000 per child and is partially refundable, meaning that it can be paid out even if the taxpayer doesn’t pay income taxes.
A larger child credit is something “families really want, and we’ve talked about it for a long time,” Trump said.
