With the push to repeal ObamaCare all but dead for now, President Trump and Republicans are moving on to their next big initiative: reform of the tax code. Trump and the GOP are releasing the broad strokes of their plan Wednesday, and the president will try to rally support for it during a speech in Indiana by pitching it as a tax cut for the middle class, as well as for businesses. The Washington Post obtained a blueprint of the plan, which leaves much up in the air, including which tax benefits to ditch in order to make up an estimated revenue shortfall of $5 trillion over 10 years. Some highlights:
- Corporations: The New York Times reports that the plan calls for a steep reduction in the tax rate paid by corporations from 35% to 20%, which Trump sees as vital to stimulating the economy.