Tax reform is back


WASHINGTON (NBC NEWS) – In Washington, efforts to repeal Obamacare have ended in defeat – again. Republicans are giving up – for now – after realizing they don’t have the votes.

Later Wednesday President Trump heads to Indiana to lay out his tax reform plan. “Make the tax code simple and fair. Cut taxes tremendously,” said President Donald Trump

Republicans outline their plan today.

An industry lobbyist familiar with the plan tells NBC it would drop corporate tax rates from 35 to 20% – not quite as low as the president wanted.

It also would shrink the number of individual tax brackets from 7 to 3, preserve deductions for mortgage interest and charitable donations, and double the standard deduction. “A lot of families are struggling under complexity of tax code,” said House Speaker Paul Ryan, (R) Wisconsin.

Republicans struggled to gain support for their health plan. “We don’t have the votes,” said Senator Bill Cassidy, (R) Louisiana.

It’s on the back burner for now after three of their own pledged to vote against it. “The reason this bill failed is that Americans didn’t want it,” said Senator Chuck Schumer, (D) New York.

Other senators say the fight isn’t over just yet. “We’re coming back with this after taxes,” said Senator Lindsey Graham, (R) South Carolina.

After failing three times this year to reform healthcare, the party’s hoping for a big win on taxes. “We’re closer than ever to finishing what we started for American people. 2017 is our year,” said Rep. Kevin Brady, (R) Texas.

“A unified front is going to be critical to our success,” said Rep. Tom Reed, (R) New York.

Avoiding one of the pitfalls that doomed health care,

President Trump plans to get the other side involved early – introducing his tax plan today with a democrat at his side.

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