President Trump and Republican leaders are unveiling a tax code reform plan that promises to cut taxes for individuals and corporations, simplify the tax system, and nearly double the standard deduction used by most Americans.
Iowa Senator Chuck Grassley, a member of the Senate Finance Committee, says the plan would benefit Iowans by reducing individual rates from seven to three brackets, while it would cut the corporate tax rate down from 35 to 20%. Grassley says he thinks the tax reform bill will get through Congress quickly and be on the president’s desk by Thanksgiving.