Congressional Republicans unveiled a sweeping tax plan Wednesday that would simplify the tax system, cut rates and nearly double the standard deduction used by most Americans.
“After a decade of lost growth, hardworking American families know the status quo is unacceptable,” Senate Majority Leader Mitch McConnell, R-Ky., said in a statement. “They want to keep more of their hard earned money so they can make ends meet, provide for their children, and save for retirement.”
Republicans released a framework of the plan that was hammered out by House and Senate lawmakers in coordination with the Trump administration. President Trump plans to give a speech on the plan in Indianapolis Wednesday afternoon.
The stakes are high, after Republicans a day earlier scrapped their latest effort to repeal and replace ObamaCare. Now, the legislative focus will shift to tax reform, which Trump has been eager to tackle since taking office.
The plan, as outlined in the framework, nearly doubles the standard deduction to $12,000 for individuals and $24,000 for families. This basically increases the amount of personal income that is tax-free.
Congressional Republicans describe this as creating a larger “zero tax bracket.”
The plan also collapses the number of personal tax brackets from seven to three. By simplifying the system, most Americans would be able to file their taxes on a postcard, the plan says.
Fox News Channel finished the third quarter of 2017 as the most-watched cable news network across the board for the 63rd consecutive quarter, dating back to the first quarter of 2002.
Rupert Murdoch’s news network averaged 1.4 million total viewers and 2.2 million viewers during prime time to win both categories. FNC also won both categories among the key news demo of adults ages 25-54, averaging 298,000 total demo viewers and 436,000 from 8-11 p.m. ET.
FNC also was the top-rated basic cable network in both prime time and total day viewers, for the fifth straight quarter.
Fox News’ overall quarterly victory comes amidst a prime-time lineup change that is expected to help the network’s ratings even more. “Hannity” moved to 9 p.m. ET on Monday, while “The Five” shifted back to its original time of 5 p.m. ET, where it was regularly among the most-watched shows in all of cable. Laura Ingraham and Shannon Bream take over the 10 p.m. and 11 p.m. ET positions late next month, giving the network a strong female duo in prime time and adding an extra hour of live programming in the process.
The quarter was jam-packed with news, including the G20 Summit and related protests; a solar eclipse; O.J. Simpson’s parole hearing; the tragic events that occurred in Charlottesville, Va.; a terror attack in Barcelona; numerous devastating hurricanes and non-stop news on North Korea, Russia, health care and DACA. President Trump also made news on a daily basis and the quarter ended with cable news stations going all-in on the controversy surrounding NFL players kneeling during the national anthem.
“The Rachel Maddow Show” became the first program in MSNBC...