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Trump, GOP roll out tax plan; cuts rates, doubles deduction

WASHINGTON (AP) – President Donald Trump and congressional Republicans are rolling out a sweeping plan to cut taxes for individuals and corporations, simplify the tax system, and likely double the standard deduction used by most Americans.

Months in the making, the plan meets a political imperative for Republicans to deliver an overhaul of the U.S. tax code after the failure of the health care repeal.

The public reveal of the plan was set for Wednesday. The day before, details emerged on Capitol Hill while Trump personally appealed to House Republicans and Democrats at the White House to get behind his proposal.

President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)

President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)

President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)

Rep. Richard Neal, D-Mass., listens as President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)

Rep. Richard Neal, D-Mass., listens as President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)

President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)

President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)

Speaker of the House Paul Ryan, R-Wis., joined at right by Majority Leader Kevin McCarthy, R-Calif., speaks following a closed-door Republican strategy session at Republican National Committee Headquarters on Capitol Hill in Washington, Tuesday, Sept. 26, 2017. The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans, with President Donald Trump ready to roll out the policy proposal at midweek. (AP Photo/J. Scott Applewhite)

Speaker of the House Paul Ryan, R-Wis., joined at right by Majority Leader Kevin McCarthy, R-Calif., speaks following a closed-door Republican strategy session at Republican National Committee Headquarters on Capitol Hill in Washington, Tuesday, Sept. 26, 2017. The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans, with President Donald Trump ready to roll out the policy proposal at midweek. (AP Photo/J. Scott Applewhite)

Speaker of the House Paul Ryan, R-Wis., speaks as the White House and congressional Republicans are finalizing a tax plan, at Republican National Committee Headquarters on Capitol Hill in Washington, Tuesday, Sept. 26, 2017. Ryan began his remarks by promising help for devastated Puerto Rico, calling it a "humanitarian crisis." (AP Photo/J. Scott Applewhite)

Speaker of the House Paul Ryan, R-Wis., speaks as the White House and congressional Republicans are finalizing a tax plan, at Republican National Committee Headquarters on Capitol Hill in Washington, Tuesday, Sept. 26, 2017. Ryan began his remarks by promising help for devastated Puerto Rico, calling it a “humanitarian crisis.” (AP Photo/J. Scott Applewhite)

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