republican tax overhaul framework promote president donald trump call slash tax corporations repeal tax pay primarily wealthy low tax families individuals nl2n1mz0sh plan intend guideline house representatives ways mean committee senate finance committee two tax-writing panel congress already work draft detail tax legislation base framework question final shape republican tax legislation swirl washington trump raise doubt certain provision look key provision exist framework reduce u.s. corporate income tax rate 20 percent current statutory 35 percent eliminate corporate alternative minimum tax move territorial tax system long tax u.s. corporate profit overseas u.s. corporate income tax rate require u.s. corporations return assets hold overseas separate unspecified low one-time tax rat invest assets cash cash equivalents establish minimum global tax aim overseas profit u.s. corporations operate tax countries pass-through businesses limit maximum tax rate apply small businesses 25 percent compare current policy tax so-called pass-through income individual tax rate 39.6 percent allow immediate full expense capital investments least five years partially limit business tax deduction debt interest payments low top individual rate 35 percent 39.6 percent increase standard deduction taxpayers 12,000 6,300 individuals 24,000 12,600 marry couple reduce current seven individual income tax bracket three bracket 12 percent 25 percent 35 percent give two congressional tax-writing committees flexibility set fourth bracket rate high 35 percent wealthy americans ensure overhaul plan shift tax burden high low income households repeal deduction state local tax payments eliminate 4,050 personal exemption taxpayers family members create unspecified substantial increase child tax credit currently stand 1,000 raise income limit qualify credit eliminate high qualify income rate marry couple create 500 tax credit taxpayers non-child dependents repeal individual alternative minimum tax high-income taxpayers eliminate unspecified itemize deductions would impact 30 percent taxpayers 25 percent families repeal estate tax pay chiefly rich americans factbox 's republican tax cut plan trump promote