Tax cuts

President Donald Trump and Republican leaders launched 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.

Republicans unveiled a framework for their long-awaited tax reform plan Wednesday, listing a series of tax cuts but with few details on how to raise revenue to pay for the cuts.

President Donald Trump is scheduled to meet Tuesday with a bipartisan group of House Ways and Means Committee members, the day before he heads to Indiana to unveil his tax plan.

A group of U.S. business executives called for Congress to cut the corporate tax rate as low as possible and end the current global approach in which companies’ profits are taxed no matter where they’re earned.

Senators Bob Corker and Pat Toomey, two Republican members of the Senate Budget Committee, said they have agreed to a tentative deal to craft a budget that would allow “headroom” for a significant tax cut, though they didn’t specify the size of the reduction.

The Senate Finance Committee held a hearing Tuesday to discuss reforming the business tax code and heard from a group of panelists, including a representative of the American Institute of CPAs.

Senate Budget Committee member Ron Johnson said the panel is considering a budget that would allow for $1.5 trillion in tax cuts that would add to the deficit on a so-called “static” basis over the next 10 years.

Trump administration officials and congressional Republican leaders are promising a new framework in two weeks for legislation that would overhaul the U.S. tax code—though they’ve shied away from releasing any details about how the changes would affect individuals or corporations.

The Treasury Secretary floated the idea of not giving accountants the same tax cuts that companies like manufacturers would get under the Trump administration’s tax reform plan.

Three Democratic senators joined the president as he aimed to win their support for an as-yet unreleased tax plan that would be written by Republican leaders.