Tax cuts

President Donald Trump's tax overhaul plan was short on specifics, but one proposal was clear enough to draw howls from residents of high-tax states. The plan would end deductions of state and local taxes from federal income taxes. Those are by far the biggest deductions for many taxpayers.

Taking a cue from the failed Repeal and Replace healthcare process, the Trump administration Wednesday released a broad outline of its tax reform plan, with many details to be spelled out in legislative form during negotiations with Congress.

Treasury Secretary Steven Mnuchin confirmed the administration will propose a corporate tax rate reduction to 15 percent and said lawmakers broadly agree on the need for a tax overhaul, citing a “very successful meeting” on Tuesday evening in Washington.

President Donald Trump’s expected call to slash the corporate tax rate to 15 percent—a number that many economists say would boost the deficit so much that the cut would be short-lived—may be less about policy and more about deal-making.

The president will call for cutting taxes for individuals and lowering the corporate rate to 15 percent after briefing GOP leaders.

Senate Majority Whip John Cornyn said Thursday it’s uncertain whether Congress will offset the tax cuts that Republicans hope to deliver with new revenue, creating the chance that their tax-overhaul plan would be limited to 10 years.