Trump rolls out sweeping tax overhaul plan

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WASHINGTON (CBS) Taxpayers and lawmakers are getting a first look at the massive GOP plan to cut taxes and simplify the code. President Trump traveled to Indiana to roll out the proposal Republicans want passed before the end of the year.

President Trump promised a better deal for the middle class as he unveiled a sweeping tax reform plan in Indianapolis. "We will cut taxes for the everyday hardworking Americans," he said.

The proposal hashed out by White House economic officials and top Congressional Republicans nearly doubles the standard deduction for most Americans, making it $24,000 for families, and $12,000 for individuals. "In other words, more income for more people will be taxed at a rate of zero," Trump said.

The plan shrinks the existing seven tax brackets into three. Corporations get a huge tax cut. Their income tax rate falls from 35-percent to 20.

The legislation still needs to be written, and the devil will be in the details as GOP leaders try to put together a bill that can pass a bitterly divided Congress. House Republicans boarded buses Wednesday morning for a closed door retreat to talk tax reform with Vice President Mike Pence. "We can work together and seize this moment and do what the American people sent us here to do," said House Speaker Paul Ryan.

Democrats say the GOP plan gives a big tax break to the wealthy and doesn't do enough for the middle class. "They are playing a shell game with middle class families in America, what they give with one hand they take away with another," said Rep. Ron Wyden, D-Oregon.

Democrats say they'll join a reform effort that doesn't raise the deficit and focuses on helping middle and lower income families.

Democrats predict a typical middle class family will pay more in taxes under the Republican framework, while tax cuts for the wealthy will balloon the deficit. Republicans insist new tax cuts would be offset by eliminating tax loopholes and more robust economic growth.