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VOL. 41 | NO. 42 | Friday, October 20, 2017

Ryan says GOP working on 4th tax bracket

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WASHINGTON (AP) — House Speaker Paul Ryan says the tax plan pushed by President Donald Trump and Republican leaders will add a fourth tax bracket for high-income people to the three originally proposed.

Ryan isn't yet saying what the tax rate would be for the fourth income-tax bracket. The GOP blueprint, which would overhaul the tax system and cut taxes for corporations and potentially for individuals, reduces the number of brackets from the current seven to three — with rates of 12 percent, 25 percent and 35 percent.

The Wisconsin Republican said on "CBS This Morning": "The fourth bracket that the president and others are talking about that we're going to do, we're working on" the tax rate for it.

Republicans in Congress now are shifting their focus to work on the tax plan, after the Senate on Thursday narrowly backed a budget plan that is a prerequisite to major tax legislation.