President Donald Trump and Republican leaders will launch an urgent effort to get a major legislative win this year, announcing a long-awaited tax plan that will immediately set off a fight over how much top earners should pay.
The framework they're set to release Wednesday proposes cutting the top individual rate to 35%—but leaves it up to Congress to decide whether to create a higher bracket for those at the top of the income scale.
The rate on corporations would be set at 20%, down from the current 35%, and businesses would be allowed to immediately write off their capital spending for at least five years, three people familiar with the plan told Bloomberg News. Pass-through businesses would have their tax rate capped at 25%.
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