The Latest: Trump to make final pitch for GOP tax plan

AP News
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Posted: Dec 11, 2017 12:34 PM

WASHINGTON (AP) — The Latest on Republican tax plan (all times local):

12:25 p.m.

President Donald Trump is making his final pitch for the Republican tax plan in a speech to the American people.

White House spokeswoman Lindsay Walters says Trump will deliver a speech Wednesday on how tax reform will help taxpayers and their families.

Trump and Republican leaders in Congress have promoted a massive tax plan by promising the tax cuts will boost the economy. The $1.5 trillion House and Senate tax bills combine steep tax cuts for corporations with modest reductions for individuals.

Republicans are eager to prove they can get something done after they failed to dismantle former Barack Obama's health care law earlier this year.

11:33 a.m.

The Trump administration is now estimating the Republican tax bill will generate about $1.8 trillion in new tax revenue over 10 years by boosting economic growth.

But that's a lot more than nonpartisan congressional analysts have projected. The Joint Committee on Taxation estimates that growth stimulated by the anticipated tax cuts will generate some $409 billion in additional tax revenue over 10 years.

President Donald Trump and Republican leaders in Congress have promoted the massive tax plan by promising the tax cuts will boost the economy. The $1.5 trillion House and Senate tax bills combine steep tax cuts for corporations with modest reductions for individuals.

The new Treasury Department analysis out Monday says about half the expected increase in economic growth likely will result from tax benefits for corporations.