GOP senator disputes Trump tax cut claim

GOP senator disputes Trump tax cut claim
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Sen. Chuck GrassleyCharles (Chuck) Ernest GrassleyFBI informant gathered years of evidence on Russian push for US nuclear fuel deals, including Uranium One, memos show Klobuchar taking over Franken's sexual assault bill Lawyer: Kushner is 'the hero' in campaign emails regarding Russia MORE (R-Iowa) on Thursday disputed President Trump's claim that his proposed tax cuts would be the largest in U.S. history but nonetheless offered support for the president's reform plan.

Trump has repeatedly talked up the size of proposed corporate and income tax cuts. In a speech to the National Association of Manufacturers last month, he said it would be a "giant, beautiful, massive, the biggest ever in our country, tax cut."

But Grassley, a member and former chairman of the tax-writing Senate Finance Committee, took issue with that claim in a series of tweets. Grassley listed the size of tax cuts passed during the George W. Bush administration and then provided estimates of what the size of those cuts are adjusted for inflation. 

It's unclear exactly how much of a net tax cut will be included in legislation. The Senate Budget Committee approved a measure that would allow up to $1.5 trillion in tax cuts, but Sen. Bob CorkerRobert (Bob) Phillips CorkerBannon: McConnell 'picking up his game' because of our 'insurgent movement' State Dept. spokeswoman acknowledges 'morale issue' The Hill's 12:30 Report MORE (R-Tenn.) has said he won't vote for any tax bill that adds to the deficit. The text of a tax bill won't be released until after the House and Senate agree on a budget resolution.

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Tax legislation is expected to be based on a framework that the White House and congressional GOP leaders released in late September.

The plan would cut the corporate rate from 35 percent to 20 percent and lower the top rate for businesses whose income is taxed through the individual code from 39.6 percent to 25 percent.

On the individual side, the plan would collapse the current seven tax brackets to three, with rates of 12, 25 and 35 percent. However, it also gives Congress an option to propose a fourth tax rate above 35 percent. The top individual rate is currently 39.6 percent.

Grassley praised the framework, arguing that it would help to create jobs.