Will it protect low and middle income people?
"Working poor people could owe no income tax, filing a return could get much simpler, and there would even be a new credit for caring for elderly relatives under a tax "framework" being proposed Wednesday by President Trump and Republican leaders in Congress.
The plan cuts the top corporate tax rate dramatically and creates a new top rate for small businesses that is lower than the top rate for individuals.
It also eliminates two taxes paid entirely by the rich, while taking away a deduction for state and local taxes that is used most heavily in some of the most wealthy, and Democrat-dominated, states.
Exactly how many other deductions and credits disappear to help pay for it all, and how much gets added to the deficit or must be offset with other budget cuts, may not be worked out for a while — even though Republicans are eager to move taxes to the front burner after another defeat this week on revamping health insurance."