U.S. President Donald Trump was set to roll out a proposal to overhaul the U.S. tax code on Wednesday after health care failure.
Republican Party looks for a legislative victory in the face of repeated failures to repeal health care reforms instituted by predecessor Barack Obama.
Trump was due to unveil details of the plan in a speech in the central U.S. state of Indiana following earlier promises to make the tax code more simple for individuals and to lower the rate for businesses.
Republicans in Congress, who this week failed to secure enough votes on a renewed push to overhaul the health care law commonly known as Obamacare, said they would turn their attention to taxes, a common priority for the conservative party.
“We plan to move forward on our next priority, which is reforming the American tax code in a significant way for the first time in 30 years,’’ Senate Majority Leader Mitch McConnell said.
A nine-page overview of the Republican proposal published by the Washington Post said it would lower tax rates, reduce the number of tax brackets, lower the corporate tax rate and eliminate most deductions from taxable income for individuals.