President Donald Trump said Wednesday he would propose a $1.6 trillion tax plan, doubling the standard deduction and eliminating several other tax breaks for wealthy Americans.
The proposal would also make a significant change to the estate tax, which Mr. Trump has called the “worst tax in history.”
It would cut taxes for individuals and families earning more than $1 million a year by $2,000 for married couples, $2.50 for joint filers and $3,000 to $4,000 by for families with children under 18.
The plan would also end the estate and gift tax, known as the Johnson Amendment, and remove a requirement that those with $2 million or more in estate and inheritance taxes pay their fair share.
“If we can get that tax cut to be worth $1 billion, we can do a lot of good for the American people,” Mr. Mr. Obama said in an interview on MSNBC.
“And that’s why we’ve made this a priority over the last four years.
Because we’ve got to give people a chance to get a real break on their taxes.”
The president said he would also seek to close the corporate tax rate from 35 percent to 20 percent and eliminate the individual rate.
He also proposed a $20 billion-a-year stimulus program for the economy.
Mr Trump has repeatedly criticized Mr. Romney for his failure to reach a deal with Democrats on his health care overhaul and tax cuts for the wealthy, saying Mr. Ryan and Senate Minority Leader Mitch McConnell of Kentucky were responsible for the health care debacle.
Mr Ryan, in a statement, said that Mr. McConnell was trying to sabotage the health plan and that he would not be cowed by his threats.
“Mitch McConnell was elected by millions of Americans and the Republicans in Congress did not get a single vote for his plan to repeal and replace Obamacare,” the statement said.
“It’s clear he will continue to use any means to stop our efforts to help our country succeed.
The president is determined to get this tax plan through Congress and make America great again.
The tax plan will be released by noon ET Wednesday.
Mr Romney has repeatedly said he won’t accept a “grand bargain” with Democrats because he’s against tax increases for the rich and the wealthy will pay their share.