Trump says tax plan to nearly double standard deduction

President Trump on Tuesday said that Republicans' forthcoming tax plan will include "nearly doubling" the standard deduction and increasing the child tax credit.

"We will cut taxes tremendously for the middle class. Not just a little bit but tremendously," Trump said at a meeting in the White House with a bipartisan group of members on the House Ways and Means Committee.

The president's comments come one day before the White House and top congressional Republicans release a tax-overhaul framework that is intended to serve as a guideline for the Ways and Means Committee and the Senate Finance Committee as they craft legislation. Trump is also planning to sell the plan during a speech Wednesday in Indiana.

Trump said that the framework would be "comprehensive" and a "very, very powerful document."


Details of the plan have started to emerge. Americans for Prosperity President Tim Phillips, who attended a meeting at the White House on Monday, said on Fox Business Network Tuesday that the plan is for the current seven individual tax rates to be collapsed into three. 

The top individual rate is expected to be lowered from 39.6 percent to 35 percent, while the lowest rate is expected to be increased from 10 percent to 12 percent. However, the increase in the standard deduction is designed to prevent anyone in the 10 percent bracket from paying more taxes.

The framework document was only developed by Republicans, but Trump has been reaching out to Democrats in an effort to get their support on tax reform as well.

"It's time for both parties to come together and do what is right for the American people and the nation that we all love."