President Trump, GOP Push First Tax Revamp in Three Decades - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

President Trump, GOP Push First Tax Revamp in Three Decades

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House Republicans have released their tax cut plan - and it would slash the corporate tax rate, lowers taxes for most people and limit a cherished deduction for homeowners.

President Donald Trump and the GOP are trying to deliver on the first tax revamp in three decades.

The proposal would add $1.5 trillion to the nation's debt over the next decade.

Middle-income families would pay less thanks to doubling of the standard deduction and an increase in the child tax credit.

The wealthy would benefit from the repeal of the alternative minimum tax and a phase out of the estate tax.

Some two-income, upper middle class families would pay more after being bumped into a higher tax bracket and losing a valuable deduction on state income taxes.

The White House released the following statement from President Trump, who said the work is "just getting started." 

"I applaud the House Ways and Means Committee for introducing the Tax Cuts and Jobs Act, which is another important step toward providing massive tax relief for the American people," Mr. Trump said in the statement. "My tax reform priorities have been the same since day one: bringing tax cuts for hardworking, middle-income Americans; eliminating unfair loopholes and deductions; and slashing business taxes so employers can create jobs, raise wages, and dominate their competition around the world. The policies of my administration have already helped to drive the stock market to all-time highs and the unemployment rate to a 16-year low. Economic confidence is skyrocketing and our GDP grew 3 percent yet again this quarter."

"We are just getting started, and there is much work left to do. The special interests will distort the facts, the lobbyists will try to save their special deals, and some in the media will unfairly report on our efforts. But my administration will work tirelessly to make good on our promise to the working people who built our nation and deliver historic tax cuts and reforms -- the rocket fuel our economy needs to soar higher than ever before."

(The Associated Press contributed to this report.)

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