The Trump administration on Wednesday released a nine-page framework for the broadest overhaul of the tax code in decades, proposing cuts to the individual and corporate tax rates and the elimination of many deductions and exemptions. But the outline did not specify many key details, including how to raise much of the revenue needed to offset the cost of the proposed rate cuts. Negotiators in Congress must still hash out those details. Some tax and budget analysts have said that the proposed changes would reduce government revenue by more than $5 trillion over 10 years.
Read the administration’s tax outline below.