President Donald Trump and Republican leaders will launch anurgent effort to get a major legislative win this year, announcinga long-awaited tax plan that will immediately set off a fight overhow much top earners should pay.

The framework they're set to release Wednesday proposes cuttingthe top individual rate to 35%—but leaves it up to Congress todecide whether to create a higher bracket for those at the top ofthe income scale.

The rate on corporations would be set at 20%, down from thecurrent 35%, and businesses would be allowed to immediately writeoff their capital spending for at least five years, three peoplefamiliar with the plan told Bloomberg News. Pass-through businesseswould have their tax rate capped at 25%.

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