September 27, 2017 / 2:20 PM / 2 years ago

Exclusive: Republican U.S. tax framework sets 20 percent corporate rate

FILE PHOTO: House Speaker Paul Ryan (R-WI) speaks at a news conference with House Republican leaders after a closed conference meeting on Capitol Hill in Washington, U.S., September 13, 2017. REUTERS/Yuri Gripas

WASHINGTON (Reuters) - Republicans in the U.S. Congress and the White House called for slashing tax rates on businesses and the wealthy on Wednesday, as part of a new tax plan that offers few details about how to pay for tax cuts without expanding the federal deficit.

Hammered out over months of high-level talks among Trump aides and top Republicans in Congress, the plan proposes: a 20 percent corporate income tax rate; a new 25 percent tax rate for pass-through businesses including partnerships; and a reduced 35 percent top income tax rate for individual Americans, according to a framework seen by Reuters.

Reporting by Richard Cowan; Editing by Chizu Nomiyama

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