Congressional Republicans in advanced talks to reduce the tax rate for top earners to 37 percent as part of final tax bill
The moves were calculated to deliver Republicans a majority of votes in the House and Senate as lawmakers proceed on  an ambitious plan to produce a final tax bill this week and pass it by early next  sending it to President Trump for his signature by Christmas .
Late Tuesday   the emerging plan  faced immediate blowback when Sen. Marco Rubio (R-Fla.) tweeted that it was wrong for negotiators to reject his plan to expand tax benefits for working families as âanti-growthâ when they were fine âto cut tax for couples making $1 million.â
GOP aides stressed that no changes would be final until the legislation has formally been filed  which lawmakers are aiming to do on Friday. Lawmakers plan to hold their only public event to discuss the bill Wednesday  and  Trump  plans to give  his  âclosing argumentâ for the tax bill Wednesday at the White House.  He  will be joined by five families from around the country.
Some close to Trump have warned about the public perception of designing the tax package in a way that appears to cater to the wealthy. Former White House chief strategist Stephen K. Bannon had recommended internally that they consider a 44 percent tax bracket for income over $5 million  but his idea was shot down by others in the White House who said all tax rates needed to come down  even for the wealthy  to spur more economic growth.
After the House and Senate passed their versions of the tax bill  complaints from wealthy Americans â particularly in New York â grew louder  as they believed their taxes could actually go up under the new legislation. Thatâs because the tax bills would limit the ability to deduct state and local income taxes  among other changes  making it harder for the wealthy to lower their taxable income.  Trump  has received an earful from friends and supporters in New York  and last week signaled that  he  could support changes that  he  said would help a âsliverâ of people.
Both bills included as their central feature a massive reduction in the current 35 percent tax rate down to 20 percent.  Trump  had insisted for weeks that  he  would not allow anything above a 20 percent rate  but in recent days the White House has showed more flexibility as they tried to help lawmakers get a deal across the finish line.
The moves were calculated to deliver Republicans a majority of votes in the House and Senate as lawmakers proceed on  an ambitious plan to produce a final tax bill this week and pass it by early next  sending it to  [TGT]  for  [TGT]  signature by Christmas .
Late Tuesday   the emerging plan  faced immediate blowback when Sen. Marco Rubio (R-Fla.) tweeted that it was wrong for negotiators to reject his plan to expand tax benefits for working families as âanti-growthâ when they were fine âto cut tax for couples making $1 million.â
GOP aides stressed that no changes would be final until the legislation has formally been filed  which lawmakers are aiming to do on Friday. Lawmakers plan to hold their only public event to discuss the bill Wednesday  and   [TGT]   plans to give   [TGT]   âclosing argumentâ for the tax bill Wednesday at the White House.   [TGT]   will be joined by five families from around the country.
Some close to  [TGT]  have warned about the public perception of designing the tax package in a way that appears to cater to the wealthy. Former White House chief strategist Stephen K. Bannon had recommended internally that they consider a 44 percent tax bracket for income over $5 million  but his idea was shot down by others in the White House who said all tax rates needed to come down  even for the wealthy  to spur more economic growth.
After the House and Senate passed their versions of the tax bill  complaints from wealthy Americans â particularly in New York â grew louder  as they believed their taxes could actually go up under the new legislation. Thatâs because the tax bills would limit the ability to deduct state and local income taxes  among other changes  making it harder for the wealthy to lower their taxable income.   [TGT] has received an earful from friends and supporters in New York  and last week signaled that   [TGT]   could support changes that   [TGT]   said would help a âsliverâ of people.
Both bills included as their central feature a massive reduction in the current 35 percent tax rate down to 20 percent.   [TGT] had insisted for weeks that   [TGT]   would not allow anything above a 20 percent rate  but in recent days the White House has showed more flexibility as they tried to help lawmakers get a deal across the finish line.