Trump urges lawmakers to cut top tax rate

CNC
Added On November 15, 2017

U.S. President Donald Trump waded in the tax cuts debates on Monday by urging Congress to cut the top income tax rate to 35 percent.
 
Members of the U.S. House of Representatives and Senate have been debating their respective tax cuts plans since last week, hoping to bridge differences and pass the bill by the end of the year. 
 
On Monday, Trump took to Twitter to say "I am proud of the Rep. House & Senate for working so hard on cutting taxes (& reform.) We're getting close!" 
 
The current tax cuts bill under discussion in the House reduces personal income tax brackets from seven to four, but leaves the 39.6 percent top rate unchanged. 
 
The Senate proposal calls for keeping the existing seven tax brackets and instead shaving the top tax rate to 38.5 percent.
 
Both versions look to eliminate the deductions individuals can make for state and local income taxes and sales taxes. 
 
However, Senate Minority Leader Chuck Schumer has warned that millions of middle-class families will end up paying higher federal income taxes.
 
SOUNDBITE (ENGLISH): CHUCK SCHUMER, Senate Minority Leader
"Just this weekend we learned from the Joint Committee on Taxation: 19 million middle class households would pay more in taxes. The New York Times went even further, said one quarter of middle class families would see their taxes go up in the first year alone. What are the Republicans thinking? Regardless of the specific numbers, on one point, all the studies agree: this is a tax hike for millions of middle class families."
 
House Democratic Leader Nancy Pelosi said the tax bill is a political gift.
 
SOUNDBITE (ENGLISH): NANCY PELOSI, Senate Minority Leader
"We have to save the country from this tax. Yes, it's a gift politically to have them vote for raising taxes on suburban America in order to give tax breaks to the wealthiest people in America, but that's not what we're about. We have to save the country." 
 
Analyzing the House bill, the Tax Policy Center, an independent think tank, found that the current plan disproportionally favored the rich. 
 
The bill has also been attacked by critics for balloon borrowing. 
 
According to the Congressional Budget Office, the House tax bill would add 1.7 trillion U.S. dollars over the next 10 years.