NEW YORK (FOX5NY.COM) - In what the president has called "an amazing victory," the finish line appears to be in sight for major tax reform. The plan would be the biggest change to the U.S. Tax Code in more than 30 years. It is not a done deal just yet but the word on the Hill is that Republicans are close after President Trump attended a working lunch on tax reform.
Trump claims the plan would slash taxes for businesses, give many Americans modest cuts, and expand the Child Tax Credit. But it has not been well received in the New York metro area and by virtually every democrat because of the belief it would eliminate state and local dedications, which many rely on.
But according to Republicans, that issue has been addressed. The agreement-in-principle would allow for a $10,000 dedication in state and local taxes.
Four families that say they would be positively impacted by the new tax plan joined the president at the White House Wednesday for his remarks.
If the plan goes through, it would mark the president's first major legislative win on an issue the GOP has long said needs to be addressed. Republicans in congress intend to vote on the plan next week, which would fall in line with the president's Christmas deadline.